Oil, gasoline prices rise ahead of Memorial Day holiday

Crude oil prices were up on Thursday. Brent crude July contracts were up 54 cents to $69.76 per barrel by late afternoon in London on the International Petroleum Exchange. July delivery West Texas Intermediate crude on the New York Mercantile Exchange gained 64 cents to $70.50 per barrel in early afternoon trade.

The upcoming Memorial Day holiday, which marks the beginning of the summer driving season in the United States, saw gasoline prices rise as usual. June delivery Nymex unleaded gasoline was up 3.05 cents to $2.0495 per gallon.

Meanwhile, the Organisation of Petroleum Exporting Countries said it has invited Sudan into full membership in the oil cartel. Sudan would be the smallest producing member of OPEC, at 500,000 barrels per day.