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Crude oil rose above $72 per barrel after the the Energy Information Administration reported inventories fell more than expected last week. The gain was the fourth straight for crude.
Light sweet crude oil for October delivery climbed to $72.15 per barrel, up 84 cents on the day. Prices touched as high as $72.44.
U.S. commercial crude oil inventories decreased by 5.9 million barrels from the previous week, moving to 337.5 million barrels. Experts were looking for a decline of 1.8 million barrels.
Total motor gasoline inventories increased by 2.1 million barrels last week. Market watchers were expecting to see a decline of 1.5 million barrels.
Yesterday afternoon, the American Petroleum Institute reported crude oil inventories dropped 7.2 million barrels for the week ended September 4. Gasoline stockpiles gained 571,000 and distillates fell 3.28 million barrels.
The Organization of Petroleum Exporting Countries left output unchanged at 24.845 million barrels per day, as expected, at the 154th meeting in Vienna. The cartel also raised its demand expectations for 2010 to 85.7 million barrels a day next year, up 450,000 barrels from the previous forecast.
On the economic front, the Labor Department report showed that initial jobless claims fell to 550,000 from the previous week's revised figure of 576,000. Economists had been expecting jobless claims to edge down to 560,000 from the 570,000 originally reported for the previous week.
Meanwhile, a Commerce Department report showed that the trade deficit widened to $32.0 billion in July from a revised $27.5 billion in June. Economists had been expecting the deficit to widen to $27.3 billion from the $27.0 billion originally reported for the previous month.
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