Oil rises above $74 as hurricane season looms

Oil prices moved above $74 a barrel Monday, extending gains from last week as markets prepared for what is forecast to be the worst hurricane season in five years.

By early afternoon in Europe, benchmark crude for December delivery was up 54 cents to $74.51 a barrel in electronic trading on the New York Mercantile Exchange. The contract lost 58 cents to settle at $73.97 on Friday.

Trading volume was thin as markets in the U.S. and U.K. were closed for holidays.

The hurricane season officially starts Tuesday. Last week, the National Oceanic and Atmospheric Administration predicted 14 to 23 tropical storms this year, including up to seven major hurricanes. (more)