By The Associated Press
The Associated Press
NEW YORK — The price of oil is stubbornly holding on to recent gains, and that's causing pain at the pump for U.S. drivers.
Benchmark crude rose 50 cents to $93.23 a barrel Tuesday on the New York Mercantile Exchange and has increased $5 in August. Retail gasoline, meanwhile, topped an average of $3.70 per gallon for the first time since May 19. Most of the country — 39 states — are now seeing higher gas prices than at this time last year.
A surprisingly strong July showing from U.S. retailers released Tuesday is a sign that energy demand could be on its way up.
In London, Brent crude fell 5 cents to $113.55 a barrel on the ICE Futures exchange. It has gained more than $8 per barrel this month.
