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Crude oil prices soared above $71 an ounce, boosted by a weaker dollar, as traders looked ahead to the Organization of Petroleum Exporting Countries meeting.
Light sweet crude for October delivery rallied to $71.10 per barrel, up $3.08, its best close of September. Prices touched as high as $71.95 earlier in the session.
OPEC members will meet tomorrow in Vienna. All indications show the cartel is likely to leave production at the current levels and continuing to enforce sharp cuts from late last year.
On Tuesday, the dollar plunged to its lowest level of this year against the euro, falling to 1.4500. The greenback saw weakness against the pound, yen and others.
The Energy Information Administration's weekly inventory report is coming on Thursday, a day later than usual because of the holiday. Last week's data showed crude oil inventories decreased by 400,000 barrels in the week ended August 28.
There was no major economic news on Tuesday's calendar. The Fed's Beige Book is expected to be released at 2 p.m. ET tomorrow.
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