The EIA also said crude stockpiles fell by 400,000 barrels to 296.5 million barrels last week; analysts had expected crude supplies to increase by 500,000 barrels.
NEW YORK - Oil prices jumped more than $4 a barrel Wednesday, halting a three-day slide after the government reported a bigger-than-expected drop in U.S. gasoline supplies. But more signs of dwindling U.S. demand cast doubt on the rally's longevity.
Light, sweet crude for September delivery rose $4.24 to $117.25 a barrel on the New York Mercantile Exchange, after earlier falling as low as $112.87 and after dropping about $7 in the last three sessions. Oil's advance has for the time being stopped a monthlong slide that took crude $35 below its July 11 high of $147.27. |
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