Oil prices close at highest price since October 2018

(KYMA, KECY/ CNN) - U.S. crude oil closed at its highest level in nearly three years on Monday at $75.45 a barrel.

It's the highest close since October 3rd, 2018 and the first time it's closed above $75 a barrel since mid-july.

The gains suggest prices at the pump will remain high -- despite the fact demand typically peaks in late summer.