We have been expecting to see this for a few days now, and today oil was finally able to close the session above the psychological $70 mark at $70.55, gaining $0.98 on the session. Earlier in the day prices were able to trade as high as $71.06 before settling down a bit to head into the weekend.

Today's close above $70 marks the first time in almost a year that prices have been at this level, with the last time oil was above $70 being back in August '06. The primary reasons behind the move today were more of the same that we have seen lately... concerns over gasoline surprises and political tensions around the globe.

American refineries have been the center of attention over the past couple of months with concerns over how well refineries are going to be able to keep up with the growing demand during the peak summer driving months. This week those concerns were once again brought to the surface after the weekly inventory numbers out of the Energy Department showed n unexpected decline in gasoline supplies. Analysts had been expecting to see a rise of 1.1 million barrels when in fact the numbers showed that gasoline stocks fell by 700,000 barrels.