Oil climbs above $74

By Blake Ellis, contributing writer


NEW YORK (CNNMoney.com) -- Oil prices rose above $74 a barrel on Tuesday after the government released its final revision of third-quarter GDP and OPEC left oil output targets unchanged.

Crude oil for February delivery rose 68 cents to settle at $74.40 a barrel on Tuesday after hovering near $73 a barrel earlier.

oil.mkw.gif
Click chart to view other commodity prices.

In the previous session, the January contract expired, falling 89 cents before settling at $72.47 a barrel.

"It's a market that didn't get a lot of surprises today," said Phil Flynn, a senior market analyst at PFG Best.

The Commerce Department said gross domestic product rose 2.2% in the third quarter, below the 2.7% growth rate predicted by economists surveyed by Briefing.com and less than the 3.5% increase the government initially reported in October.

"The GDP doesn't seem to be shaking us up," Flynn said. "At the end of the day, the trend suggests the economy is still growing, and it's still the best pace of recovery we've seen in a couple of years."

The decision made by the Organization of the Petroleum Exporting Countries to leave production levels unchanged didn't have a substantial effect on prices either.

"Everybody expected that [OPEC] would leave quotas unchanged, so it's probably a nonevent when it comes to price movement," Flynn said.

In the absence of other major events or economic news, oil is likely to continue following the dollar and stocks, he said.

The dollar edged up 0.09% against the euro to $1.426 and rose 0.2% to $1.597 versus the British pound. Against the yen, the dollar rose 0.6% to ¥91.76.

The Dow Jones Industrial Average gained 45 points, or 0.4%. The S&P 500 index rose 4 points, or 0.3%. The Nasdaq composite was up 14 points, or 0.6%.

Gasoline prices. The national average price for a gallon of regular unleaded gas dropped to $2.585, down five tenths of a cent from the previous day's price of $2.590, according to motorist group AAA.

The highest gas prices are in Alaska, where the average is $3.353. Missouri has the cheapest gas with an average of $2.381.  To top of page

Just the hot list include
Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.80%3.88%
15 yr fixed3.20%3.23%
5/1 ARM3.84%3.88%
30 yr refi3.82%3.93%
15 yr refi3.20%3.23%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 29,348.10 50.46 0.17%
Nasdaq 9,388.94 31.81 0.34%
S&P 500 3,329.62 12.81 0.39%
Treasuries 1.84 0.03 1.49%
Data as of 2:18am ET
Company Price Change % Change
Advanced Micro Devic... 50.93 1.16 2.33%
Bank of America Corp... 34.71 -0.01 -0.03%
General Electric Co 11.81 -0.03 -0.25%
Ford Motor Co 9.16 -0.01 -0.11%
Apple Inc 318.73 3.49 1.11%
Data as of Jan 17

Sections

Bankrupt toy retailer tells bankruptcy court it is looking at possibly reviving the Toys 'R' Us and Babies 'R' Us brands. More

Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.