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.
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