NEW YORK (TheStreet) -- Oil prices have been on the decline due to a strengthening dollar after last Thursday's Brexit vote, but they should gain again following the July 4th weekend, CNBC's Jackie DeAngelis reported on "Power Lunch" Monday.
"There is a little support here as we're heading into the July 4th weekend. [Expect] to see a record number of motorists hit the road for the holiday weekend," DeAngelis said.
There is estimated to be about 5 million more motorists on the road during the July 4th weekend compared to the Memorial Day weekend, totaling about 43 million Americans behind the wheel, she noted.
The national average cost for a gallon of regular oil is $2.31, down from the national average of $2.78 per gallon a year ago, the AAA stated, according to DeAngelis.
"That's a substantial savings that's going to get the consumer out there traveling around," DeAngelis continued.
The spike in travel this weekend will likely sustain oil at higher prices for the next couple of weeks, she predicted.
"Expect the demand not just to be for Crude but for refined products as well," DeAngelis concluded.
The U.K.'s vote in favor of leaving the European Union last week has put additional pressure on the global markets, including the U.S., since Friday.
Crude oil (WTI) is falling by 2.5% to $46.50 per barrel and Brent crude is plunging by 2.33% to $47.28 per barrel, CNBC reports late this afternoon.