Oil Tops $71 a Barrel
Oil pushed past $71 in early trading Wednesday, a day after closing over $70 a barrel for the first time in seven months, Bloomberg reported.
Crude futures rose to as high as $71.56 in pre-market trading on the New York Mercantile Exchange, after closing at $70.01 Tuesday, the highest level since early November, Bloomberg said.
The increase was due in part to projections that inventories fell last week and that the U.S. dollar may extend its decline versus world currencies, Bloomberg reported.
The Department of Energy will release its weekly inventory report for crude, gasoline and distillates, which include diesel, Wednesday.
DOE Tuesday boosted its price outlook for diesel, gasoline and crude oil, saying all three would rise to levels higher than previously forecast but lower than last year’s record high levels.