Oil Jumps Following DOE Report
Crude oil prices jumped more than $4 a barrel Wednesday after a Department of Energy report showed declines in gasoline and distillate inventories, the Associated Press reported.
Benchmark light, sweet crude futures rose $4.68 to close at $105.90 a barrel on the New York Mercantile Exchange, AP said.
Stockpiles of gasoline fell by 3.3 million barrels last week, while distillates, which include diesel, fell 2.2 million barrels, DOE said.
The gasoline decline was more than four times analysts had expected, AP reported. Crude oil inventories were unchanged, DOE said in its weekly inventory report.
