Oil Update: Oil Clears $73 Before Retreat

On Tuesday, crude oil prices bounded past the $73 barrier, only to pull back later in the morning and lose its earlier gains.

Benchmark crude for August delivery is currently losing 13 cents at $71.36 per barrel. The contract reached as high as $73.38 earlier. Yesterday, the price settled at $71.49 after it raced up $2.33.

The earlier upward swing was largely attributed to continuing news coming from the Niger Delta combined with the dollar's slip against the euro. Reports were swirling that Nigerian militants attacked a Royal Dutch Shell oil platform in the region. In recent months, the dollar and crude prices have been locked in an inverse relationship as investors use oil to hedge when the dollar weakens. ...