Oil prices broke out of their early morning range this afternoon as the U.S. dollar hit new 2009 lows versus the euro. Oil prices rise when the dollar falls as investors use oil to hedge against further dollar weakness. When the euro gains strength versus the dollar, oil- traded in dollars, becomes cheaper to European countries.

Prices rose sharply since this morning, jumping back over $70 to nearly $71 as of 3:30pm EDT. Retail gasoline prices fell overnight in the U.S. but will likely stabilize as today's increase in wholesale prices make stations less likely to drop gas prices further.

Also fueling oil prices higher were comments from Federal Reserve Chairman Bernanke saying today the recession is 'very likely over'. Oil consumption will begin to rise as major economies recover. This could also mean demand will rise from the United States, China, and India in coming months. OPEC's latest decision to keep output unchanged may end up causing oil prices to rise over $75 in coming months as countries begin to compete for available supply.

We'll see how the rest of the trading session goes, but for now expect prices at local gas pumps to stay relatively similar to prices today. Relief continues in areas of California and the U.S. Northeast as demand continues to weaken.