Oil Update: Crude Gains on the Day

The relationship between currencies and crude is becoming a broken record. And Tuesday we again put the needle down and hit play.

While the dollar weakened today, crude futures bounced back after yesterday's sell-offs. Light, sweet crude for August delivery jumped up $1.74 to settle at $69.24 per barrel on the New York Mercantile Exchange.

The march upward came after tumultuous trading that saw the contract's price dip below the $67 range.

Plenty of oil stocks followed in step with crude prices by the afternoon. Whiting Petroleum(WLL Quote) was up 3.3% near the closing bell, while Canadian Natural Resource(CNQ Quote) was changing hands up 2.3%.

Occidental Petroleum(OXY Quote) was trading up 1.7% as Murphy Oil(MUR Quote) was taking on another 1.4% in gains by late afternoon.

On the other hand, Devon Energy(DVN Quote) was losing ground on the day, down 12 cents to come to $56.19.

But the Amex Oil Index(XOI Quote) was staying out of negative territory, up 1.2% before the closing bell.

The eyes of the oil world will be focused on the Energy Information Administration's weekly crude inventory report due out tomorrow morning. Many are expecting the report to show a drop in crude oil supplies.