Crude Prices Rally; Heating Oil Hits Record

The price of oil tends to fall when the value of the dollar rises because oil is denominated in U.S. dollars in international markets.

Regardless of the data surrounding regional demand and the greenback, the momentum in energy markets continues to point upward, according to Edward Meir, energy analyst at MF Global. "The best the bears could hope to see are limited corrections punctuating still-undamaged uptrend lines," Meir wrote in a research note.

Meanwhile, energy stocks are mostly lower. BP (BP Quote - Cramer on BP - Stock Picks) was down 1.5% at $71.89, and Royal Dutch Shell (RDS.A Quote - Cramer on RDS.A - Stock Picks) was off 2.2% at $79.36. Exxon Mobil (XOM Quote - Cramer on XOM - Stock Picks) was fractionally higher at $89.35.

Among E&P companies, Apache(APA Quote - Cramer on APA - Stock Picks) was trading 2.7% higher.

As for exchange-traded funds, the United States Oil (USO Quote - Cramer on USO - Stock Picks) and the iPath S&P GSCI Crude Oil Total Return Index (OIL Quote - Cramer on OIL - Stock Picks) each were up about 1.2%.

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