Oil prices jumped to $75 a barrel on Monday following reports of several refinery snags that helped push gasoline futures higher, the Associated Press reports.
Earlier in the day, prices had fallen on traders’ growing belief that the violence in Lebanon and Israel is unlikely to spread across the oil-producing region. But reports of refinery snags from Texas to California reignited concerns about fuel supplies during the busy summer driving season.
In afternoon trading, light sweet crude for September delivery advanced 62 cents to settle at $75.05 a barrel on the New York Mercantile Exchange, where gasoline futures rose by 2.48 cents to settle at $2.3142 a gallon.
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