Oil prices surged to almost 74 dollars as traders built long position before the U.S. Independence Day holiday amid concerns over gasoline supply.

Light sweet crude for August delivery rose 41 cents to close at 73.93 dollars a barrel on the New York Mercantile Exchange.

In London, Brent North Sea crude for August delivery rose 64 cents to 73.51 dollars per barrel.

The New York Mercantile Exchange will remain closed Monday and Tuesday for the Independence Day holiday, when thousands of Americans will drive for vocation and the demand over gasoline may peak.

U.S. reserves of gasoline fell by 1 million barrels to 212.4 million over the week ended June 23, the Department of Energy said Wednesday in its weekly market update.

Source: Xinhua