Oil Jumps $5 to Top $136 a Barrel
Oil jumped $5 to more than $136 a barrel Wednesday following a Department of Energy report that showed crude inventories fell more than expected last week, Bloomberg reported.
Crude futures gained $5.07 to close at $136.38 a barrel on the New York Mercantile Exchange, short of Friday’s record $138.54 closing price, Bloomberg said.
DOE’s weekly inventory report showed that oil inventories fell 4.6 million barrels last week, a bigger drop than expected, Bloomberg reported.
Distillate inventories, which include diesel and heating oil, rose by 2.3 million barrels last week, DOE said in its weekly inventory report. That was more than analysts predicted, Bloomberg said.
Gasoline inventories rose by 1 million barrels, a smaller increase than was forecast, Bloomberg said.
