WSJ: Price of Oil Jumps as Dollar Falls and OPEC Obeys Quotas
NEW YORK -- Crude-oil futures shot above $71 a barrel Tuesday as the dollar lost value against the euro and signs emerged that recent cuts from the Organization of Petroleum Exporting Countries are taking hold.
Light, sweet crude for December delivery settled up $6.63, or 10%, at $70.53 Tuesday on the New York Mercantile Exchange, its biggest one-day gain since Sept. 22. It was the highest settlement price since Oct. 21.
