Oil prices rose Monday on anticipation that large numbers of Americans will take to the road for Independence Day, the Associated Press reports.
Strong U.S. economic data and nagging concerns over Iran’s nuclear defiance also put a high floor under prices. Brent futures climbed 19 cents to $73.70 a barrel on the ICE Futures exchange, their eighth consecutive gain. The New York Mercantile Exchange was closed for the U.S. holiday, and traders suggested that lack of Nymex trading kept prices from going even higher. Worries about a supply crunch ahead of the July Fourth holiday grew after the U.S. government released a report Wednesday showing gasoline stocks shrank last week for the first time in more than two months.
