Crude gains nearly 3% to close atop $70 a barrel

NEW YORK (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 forecasts of higher prices from the Energy Department. 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 closes above $70 since Nov. 4 of last year. In Washington, the Energy Information Administration said crude oil prices are expected to average $58.70 a barrel this year, up from the $52 a barrel the EIA had forecast a month ago. above $70 for first time in 7 months.