Updated from 2:26 p.m. EDTOil futures rebounded Tuesday after three straight days of losses, boosted by Iran's refusal to stop enriching uranium. Light, sweet crude picked up 55 cents to settle at $74.16 a barrel. Wholesale gasoline, which often trades parallel to oil, ended trading up 1 cent to $2.19 a gallon. "The Iranian nation will not retreat one iota on its way to realizing all of its rights, including complete nuclear rights and employing the capacities to produce nuclear fuel," Iran's President Mahmoud Ahmadinejad said, according to a Reuters report. His comments came as Iranian and European Union officials met to discuss an incentives proposal meant to persuade Iran to cut uranium enrichment. The West had hoped to receive some kind of response from Iran ahead of the Group of Eight meeting in Russia this Saturday. However, Iran's chief nuclear negotiator, Ali Larijani, dashed those hopes, saying the nation wouldn't be rushed into a decision and would respond in late August. The West cobbled together proposals for Iran including trade incentives and assistance building a nuclear reactor for civilian purposes. Earlier this year, Iran, the world's fourth-largest crude producer, restarted uranium enrichment after a two-year hiatus ostensibly to produce more electricity for its growing population. However, the West suspects the move is a ruse to develop nuclear weapons. A projected decline in oil stockpiles as refiners ramped up production to make more gasoline was also lending support to higher prices. In a Bloomberg poll of analysts, refining capacity was expected to climb half a percentage point last week, up from 93.1%. Inventories of oil were projected to decline by 1.2 million barrels. Traders will be focusing on the Energy Department's weekly update at 10:30 a.m. EDT Wednesday because it tracks the week including the July 4 holiday. Gasoline consumption is expected to rise as more Americans took to the roads. Stockpiles likely dropped by 125,000 barrels, the smallest decline since March, from 213.1 million barrels.