Oil Trader Sees Crude Moving to $82.50 if the U.S. Dollar Pulls Back

Crude moved off its lows this week following EIA data on Wednesday. Jeff Grossman of BRG Brokerage tells TheStreet’s Jill Malandrino he is not surprised by the slight pop in crude following the data. Crude has been so beaten up that the data would have to be ridiculously bearish (a build) to keep the market down. Longer-term, the two biggest variables are the strength in the U.S. dollar and the oversupply situation. Grossman does not believe the U.S. dollar will continue climbing at this rate, even with a Republican win. Near-term, however, he would be a dip buyer at this point and is not selling on rallies, but it is a trade you have to keep a close eye on. A little pullback in the dollar could send crude to the $82-$82.50 level, and still be in a basic downtrend.