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Oil Prices Close Up 10 Percent, Topping $70 a Barrel

Oil prices surged higher in trading in New York Tuesday.

The price of crude oil for future delivery jumped more than $6, to close at $70.43 a barrel. Industry analysts say the 10 percent increase was due, in part, to the weakening dollar, which had the biggest one-day drop against the euro since the common currency was introduced in 1999.

They also say oil prices appear to mirror the major U.S. stock indexes, which were sharply higher for much of the day as Americans elect a new president.

Concerns that the faltering economy would cut energy demand, had sent oil prices plunging more than 50 percent since they peaked above $147 a barrel in July.

A barrel of oil fell almost $4 to $63.91 at the close of New York trading Monday.

The Organization of Petroleum Exporting Countries, or OPEC, is cutting production by 1.5 million barrels a day to try to push prices back up.

But Venezuela's oil minister has said OPEC needs to cut output by at least another one million barrels daily to make an impact on prices.

OPEC controls about 40 percent of world crude oil production.