Oil Holds Steady Over $68 a Barrel

Oil held steady near a seven-month high Tuesday, closing the trading day at $68.55 a barrel on the New York Mercantile Exchange, 3 cents below Monday’s closing price, Bloomberg reported.

After declining early in the day, prices rebounded due in part to the U.S. dollar falling against the euro, Bloomberg said.

Prices had below $68 on news that OPEC and Russia boosted production in May, Bloomberg said. OPEC’s production rose 1.5% in May, while Russia’s gained 0.9%.

Monday’s $68.58 closing price was the highest in seven months. Oil prices have doubled since Feb. 12, when Nymex futures closed at $33.98, according to Bloomberg figures.

Diesel and gasoline prices have gained along with crude prices recently, rising for the fourth and eighth consecutive weeks, respectively, the Energy Department said Monday.