Oil rose almost 3 percent to settle above $70 a barrel on Tuesday, its first time doing so since November.
The EIA upped its 2009 pricing forecast to more than $58 a barrel, adding that it expects July gasoline retail prices to average at $2.70 a gallon. Society Generale also raised its 2009 forecasts to $65 a barrel.
Analysts said the rally could continue into Wednesday, pending on the weekly crude inventories. They're expected to fall by about 400,000 barrels, according to Reuters surveys, but a greater decline could cause prices to spike.
Sharon Epperson reports. Watch the video for more.
Click Here to Track Oil and Other Commodities
______________________________
CNBC Slideshows:
______________________________
______________________________
CNBC's Companies in the News:
JPMorgan Chase
Goldman Sachs
American Express
JPMorgan, Goldman Sachs and Amex Among 10 Banks to Repay TARP
Bank of America
Two More Bank of America Directors Resign
General Motors
GM Taps Ex-AT&T CEO Whitacre To Be Chairman
______________________________