Crude oil slightly higher

Crude oil prices were up slightly on Thursday as the big driving weekend of Memorial Day approaches at the end of the month.  Prices at the pump are 75 cents per gallon higher than they were for last year’s holiday that marks the beginning of the summer driving season in the United States.  The American Automobile Association has predicted that because of high gasoline prices, the rise in the number of Americans driving on the holiday will be the lowest in four years.

July contract Brent crude on the International Petroleum Exchange was up only 1 cent to $69.05 in late afternoon trade in London, but Brent traded in a wide range of $1.20 during the day.  West Texas Intermediate crude June contracts were up 16 cents to $68.85 in early afternoon trade on the New York Mercantile Exchange, down more than 5 percent from its price at the beginning of the week.