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Oil prices rallied above $70 per barrel on Tuesday as Ben Bernanke's statement that the recession is "technically over." Traders also looked ahead to the Energy Department's inventory report tomorrow.
Crude oil for October delivery finished at $70.93 a barrel, up $2.07 on the session. Prices reached as high as $71.19 after earlier touching as low as $68.48.
Speaking at a forum at the Brookings Institution in Washington, Bernanke said the economic crisis was leveling out, but repeated his calls for regulatory reform, saying that the financial crisis emphasized the need to "urgently" address financial weaknesses so that similar financial collapses don't happen again.
The Energy Information Administration's inventory data is coming at 10:30 a.m. ET tomorrow. Experts are expecting crude supplies to drop by 3 million barrels in the week ended September 11.
Last week's data showed crude oil inventories decreased by 5.9 million barrels in the week ended September 4. Experts were looking for a decline of 1.8 million barrels. Total motor gasoline inventories increased by 2.1 million barrels.
Also on Tuesday, the Organization of Petroleum Exporting Countries increased its 2009 forecast to 84.05 million barrels a day, up 140,000 barrels from the previous outlook but down 1.8% from last year. In 2010, the cartel expects demand to rise to 84.56 million a day, up 150,000 from last month's forecast.
On the economic front, a Commerce Department report showed that retail sales jumped 2.7% in August following a revised 0.2% decrease in July. Economists had been expecting a drop of 1.9%.
The Labor Department revealed Tuesday that producer prices jumped 1.7% in August, compared to a drop of 0.9% in the previous month. Economists had expected the measure to rise by 1.0 percent.
Core price climbed by 0.2%. This advance was a little sharper than the 0.1% increase that economists had projected.
The New York Fed said the general business conditions index rose to 18.9 in September from 12.1 in August. Economists had been expecting the index to edge up to a reading of 15.0.
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