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.

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

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