SINGAPORE (Bloomberg) -- Crude oil rose on speculation that economic growth in the U.S., the world’s biggest energy consumer, will sustain a global recovery in fuel demand.

Oil climbed above $74 a barrel in New York after Federal Reserve Bank of Chicago President Charles Evans said the U.S. economic recovery will continue amid uncertainties prompted by Europe’s debt crisis. About 28 million people were expected to be on road trips in the U.S. during the three-day Memorial Day weekend that ends today, a jump of 5.8 percent from a year earlier and the first increase since 2005, according to AAA, the country’s biggest motoring organization.
“Gasoline consumption has been on the rise recently, and Memorial Day in the U.S. officially marks the beginning of the driving season, which normally leads to higher demand,” said Eugen Weinberg, head of commodity research with Commerzbank AG in Frankfurt. “Also the continuing struggle with the oil spill in the Gulf of Mexico is supporting the prices.”
Crude oil for July delivery rose as much as 71 cents, or 1 percent, to $74.68 a barrel in electronic trading on the New York Mercantile Exchange. It was at $74.49 at 9:55 a.m. in London. Oil futures are down 14 percent in May, the biggest monthly drop since December 2008. Floor trading is closed today for the Memorial Day holiday in the U.S. Electronic trades will be booked to tomorrow for settlement purposes.
Brent crude for July settlement gained as much as 70 cents, or 1 percent, to $74.72 a barrel on the ICE Futures Europe exchange. It was at $74.63 a barrel at 9:55 a.m. in London.