[BillPaay]

Crude grinded higher on continued dollar weakness yesterday. WTI closed up 88 cents at $74.15 with front spreads still relatively weak. Crude has already touched a high of $75.15 this morning and is now sitting just under $75. This week's price action will be key. If crude is able to get through $76, over the longer term we will be looking for a move towards $80 then $90. Given how long crude has been capped by the $75-76 level, a break above will see this market run up. Look for crude to track the dollar ahead of API inventory numbers tonight. Key resistance today comes in at $75.90 - a break above this level will target the $80-81 level. Resistance will come in at $77.14 followed by $78.80. Support can be found at the 5-d m.a. at $73.18, followed by $72.09 (8-d m.a.).