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Crude oil prices surged higher on Tuesday and topped the $71 per barrel mark again. Oil's hedge value received a boost from a weaker U.S. dollar.
Light sweet crude oil for October delivery rallied to $71.55 per barrel, up $1.84 on the session. Prices reached as high as $71.85 after slipping below $69 yesterday.
The dollar extended a fresh one-year low against the euro on Tuesday in New York, giving back a recent modest rally. The greenback also moved to the downside versus the sterling.
The Energy Information Administration inventory report is due at 10:30 a.m. ET tomorrow. Analysts are looking for crude stockpiles to fall 2.25 million barrels in the week ended September 18. Gasoline supplies are forecast to rise 800,000 barrels and distillates are predicted to gain 1.5 million barrels.
Later on Wednesday, the Federal Open Market Committee finishes its two-day policy meeting, with an interest rate decision due. While rates are widely expected to remain near zero, traders will scan the Fed's accompanying statement for clues on future increases.
Tuesday, in economic news, the Richmond Fed manufacturing index came in at 14.0 for September. Meanwhile, the Federal Housing Finance Agency House Price Index rose 0.3% in July.
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