Crude Oil is trading today in the European session around the $78 level.
Oil prices rose on Wednesday due to expectations of increased demand driven by a weaker U.S. dollar and reports of declines in U.S. crude and gasoline inventories. The upcoming release of inflation data also hints at a more positive economic outlook. Market sources cited a 3.104 million barrel drop in U.S. crude oil inventories according to the American Petroleum Institute.
Anticipation surrounds government inventory data expected later today, likely showing a decrease in crude stockpiles as refineries boost operations for the summer driving season.
Additionally, oil prices were supported by a softer U.S. dollar and stimulus measures from China, making dollar-denominated oil cheaper for investors holding other currencies.