Oil gains on Mideast unrest

Worries about supply disruptions in Europe and comments from the defense minister of Israel that dashed hopes of an imminent ceasefire in the conflict between Israel and Hizbollah forces in Lebanon sent crude oil prices higher on Monday.

By late in the afternoon in London, September contracts for Brent crude had added 95 cents to $74.36 per barrel after having dropped as low as $72.70 per barrel during the day.  Meanwhile, West Texas Intermediate crude for September delivery gained 41 cents to $73.70 per barrel by early afternoon on the New York Mercantile Exchange.