Crude oil prices rise but gasoline futures, US pump prices decline

Crude oil prices were higher on Monday after early profit-taking sent prices temporarily lower. At mid-afternoon in New York, West Texas Intermediate crude for August delivery added 14 cents to $70.82 per barrel on the New York Mercantile Exchange. Meanwhile in London, the price of August contracts for Brent crude added $1.09 to $72.50 per barrel on the Intercontinental Exchange.

Nymex August gasoline were down less than half a cent to $2.2385 per gallon after losing as much as 4 cents per gallon earlier in the session. At the pump prices for gasoline in the United States also continued to decline, falling to an average of $2.957 per gallon according to the latest survey, a decline of 27 cents from its peak in May. Nymex August heating oil added 1.91 cents to $2.0615 per gallon. Prices for natural gas were 4.3 cents lower to$6.73 per 1,000 cubic feet.

Crude oil prices rose after a US military spokesman said that Iran has been lending support to militant groups in Iraq by sending Shiites from Lebanon to act as its proxy in Iraq and by aiding in the planning of operations in Iraq. Also sending prices higher was the announcement that a refinery in Kansas that produces 112,000 barrels of gasoline per day had been put out of operation by flooding due to heavy rains in the region. Still, analysts say that more facilities are returning to production after a rash of unplanned shutdowns.