Crude Oil Stages Slight Upward Correction

After dropping to a nine-month low at $81.02 earlier in the week, crude oil staged a mild recovery over the course of the day yesterday. Crude traded as high as $83.38 a barrel yesterday, up close to $2 during European trading. That being said, the commodity was not able to maintain its upward momentum, and was trading around the $82.60 level by the evening session. Turning to today, crude may see downward movement if US indicators come in below their expected levels. Part of the reason oil has been bearish recently is because of low demand out of the US, the world's leading oil consuming country. Any disappointing American data today may signal that demand for oil will continue to drop.

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