Oil Tops $73 Following DOE Report

Crude oil rose almost $2 to close at more than $73 a barrel Wednesday, a three-week high, following a Department of Energy report that showed oil and gasoline inventories fell more than expected, Bloomberg reported.

Crude futures gained $1.78, or 2.5%, to close the trading day at $73.51 on the New York Mercantile Exchange, the highest close since Aug. 3, Bloomberg said. Prices are 5.5% over the same time last year.

Oil inventories fell 3.5 million barrels for the week ended Saturday, DOE said in its weekly report. That was well over the 600,000-barrel drop forecast by analysts, Bloomberg reported.

Gasoline supplies fell 3.7 million barrels, the lowest in almost two years, while a 2.5 million-barrel decline was expected, Bloomberg said.

Distillate stockpiles, which include diesel, climbed by 900,000 barrels last week, DOE said.