What a surprise. The dollar lost against the euro as well. The upside for Wall Street though is that they probably made good money selling oil futures. When it rains, it pours. Maybe Timmy can ask them to be nice, because that seems to work out so well. MarketWatch:
Crude oil futures finished above $70 a barrel for the first time in seven months on Tuesday, lifted by weakness in the dollar and Energy Department forecasts of higher fuel prices.
Traders still assessed prospects for this week's data on U.S. petroleum inventories, which showed an increase last week.
Crude oil for July delivery rallied $1.92, or 2.8%, to end at $70.01 a barrel on the New York Mercantile Exchange. That's the first time a front-month crude contract closed above $70 since Nov. 4.
The gains in oil came as the dollar moved mostly lower. The dollar index, a measure of the greenback against a basket of major currencies, fell to 79.806 from 80.961 in North American trading Monday afternoon.
