Crude Tops $72 a Barrel

Oil rose to near a two-month high of more than $72 a barrel early Thursday, a day after jumping more than $3, Bloomberg reported.

Crude futures rose 16 cents to $72.58 a barrel, a day after rising more than $3 to top $70 for the first time since Thursday, Bloomberg reported.

The September futures contract expires Thursday, while the October contract, which was trading slightly higher, takes effect Friday, Bloomberg said.

The Department of Energy’s weekly report on oil inventories Wednesday showed a drawdown of 8.4 million barrels last week — the biggest decline in 15 months — contrary to analysts’ predictions of a build.

Gasoline inventories fell 2.2 million barrels, while distillates, which include diesel, fell by 650,000 barrels for the week ended Saturday, DOE said.