It certainly appears as if crude futures will put an end to 3 straight losing days, and Turkish planes are to thank. At last check, June-dated crude was more than $2 higher, closing in on $115 per barrel as Turkey resumed its offensive against Kurdish rebels in Iraq. Today's new bombings are the latest that Turkey has launched against rebels in northern Iraq. The rebels are part of a group called the Kurdistan Workers Party, or PKK. Despite today's jump, crude futures are still considerably lower than Monday's all-time high of $119.93 per barrel.

Gains have been held in check thanks to strength in the U.S. dollar, which has surged against other currencies thanks to this morning's nonfarm payroll surprise. The dollar index advanced to 73.62 earlier, which is a 0.6% jump from the index's perch ahead of the report. A rise in the dollar minimizes black gold's allure as an investment alternative.