Oil Update: Crude Jumps, Eyes $70

NEW YORK (TheStreet) -- Oil futures tracked up towards $70 on the same day that both the dollar sank and the Commerce department said that the economy shrank less than expected.

Benchmark crude for delivery in September put on another $2.51, or near 4%, to settle at $69.45 per barrel today on the New York Mercantile Exchange.

On Friday, the Commerce Department said that Gross Domestic Product slumped by only 1% in the second quarter. That was also far less than the 6.4% contraction in the prior quarter. Many economists estimated that the economy would contract by 1.5% in the quarter.

Though the economy is showing signs of recovery, the news wasn't all good. The report also noted that consumer spending fell by 1.2%, casting a small cloud on what bodes for the future as unemployment figures likely grow.

This week, major oil-company earnings were in investor's crosshairs and just about all of them reported profit drops on poorer prices and weakened demand. To recap just a few of the earnings slips this week:

Today, Chevron(CVX Quote) said profit fell 71%. But by the end of the day, shares gained $1.77, or 2.6%, to close at $69.47.

Also, France's Total(TOT Quote) said its earnings slumped 54%. ADRs fell off 48 cents, or 0.9%, at $55.65 by the close.

Yesterday, Exxon Mobil(XOM Quote) said it lost 66%, while ConocoPhillips(COP Quote) reported a 76% earnings dip the day before.

Exxon Mobil shares bid down 0.5%, or 33 cents, at $70.39. ConocoPhillips gained 52 cents, or 1.2%, at $43.71 by the end of the day.