Crude oil up on political concerns, refinery fire

West Texas Intermediate crude on the New York Mercantile Exchange added 47 cents to $72.35 per barrel on the day Monday, while Brent crude on the International Petroleum Exchange was up 79 cents to $72.81 per barrel.  Prices were up not only on continuing concerns about the ongoing situations in Iran and Nigeria, but also after news of a refinery fire in Italy.

According the AAA, at the pump regular unleaded gasoline prices are averaging $2.919 per gallon in the US, 30 percent higher than they were a year ago but less than their peak in September of 2005.  Nevertheless, prices in several states have gone above $3 per gallon.

Elsewhere, June heating oil was up 1.51 cents to $2.028 per gallon.