Oil back above $71

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NEW YORK (CNNMoney.com) -- Oil settled above $71 Wednesday, tracking a turnaround in equities and erasing earlier losses after a weekly inventory report showed soaring gasoline supplies.

Light, sweet crude for July delivery rose 56 cents to settle at $71.03 a barrel Wednesday.

Prices had fallen as low as $69 earlier in the session after a weekly inventory report from the Energy Information Administration showed gasoline stocks rose by 3.4 million barrels in the week ended June 12.

Analysts expected gas supplies to increase by 650,000 barrels, according to a consensus estimate of industry analysts surveyed by Platts, a global energy information provider.

Crude stocks fell by 3.9 million barrels, while analysts predicted a 1.7 million barrel decrease.

Stocks turned higher Wednesday afternoon, erasing earlier losses, after a report that consumer prices increased only slightly and President Obama's revealed details of a plan for an overhaul of financial market regulation.

The oil market has tended to follow stocks recently, as crude investors look to the broader markets to try to gauge when fuel demand will rebound. The Dow Jones industrial average (INDU) rose 50 points with around 2 hours left in the session, and the S&P 500 (SPX) and Nasdaq composite (COMP) also rose.

The currency market also boosted oil prices, as the dollar fell on the muted inflation data.

A lower greenback usually leads to higher crude prices, as oil is priced in U.S. dollars around the world.

Gasoline prices: The national average price for a gallon of regular unleaded gasoline increased to $2.679 from $2.674 the previous day, according to motorist group AAA.

Gas prices have increased daily since April 29. In those 50 days the average price of gas has jumped 63.1 cents, or 30.8%.

The EIA predicted that gas prices will reach a monthly average of close to $2.70 in July, the middle of the summer driving season.

The EIA report said distillates, which are used to make heating oil and diesel, rose by 300,000 barrels last week. Analysts expected an increase of 950,000 barrels.