(Crude oil, energy trading story, updated for Tuesday afternoon market stall)

NEW YORK ( TheStreet) -- The broad equity-markets rally on Tuesday lifted the price of crude oil early, but as the market rebound faltered, so did trading in crude oil.

The August delivery crude contract rose as high as $73.86, before settling at $71.98 on Tuesday afternoon.
Blockbuster

The Brent crude oil August contract recently was trading at $71.49, after having reached an intra-day high of $73.26.

The August heating oil contract had reached as high as $1.97 in trading, before settling at just under $1.92, on Tuesday afternoon.

The Tuesday energy sector rally was led by BP ( BP), with the British oil company rallying off its oil spill low share price, and holding onto its rally even though the broader equity markets fell on Tuesday afternoon. BP was up close to 6% on Tuesday afternoon.

All the major integrated oil companies were up on Tuesday morning, including ConocoPhillips ( COP), Total ( TOT), Royal Dutch Shell ( RDS.A), Exxon Mobil ( XOM) and Chevron ( CVX). However, as the equities markets weakened and the Down Jones Industrial Average and S&P 500 returned to flat territory late in trading, so did the major oil stocks.

The Philadelphia Oil Service Sector Index ( OSX), was down 0.5% late in Tuesday trading.

August natural gas added 17 cents in the morning session to a high of $4.86, but recently settled at $4.68 per million British thermal units.

The dollar declined against the euro and the price of gold fell by a little over 1% in on Tuesday, but the big equities rally could not sustain itself.

The big mining stocks, led by BHP Billiton ( BBL) and Rio Tinto ( RTP) saw their Tuesday morning gains of above 3% pared back in the afternoon, but continued to rally on the news of a mining tax compromise with the Australian government announced last week.

-- Written by Eric Rosenbaum from New York.

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