Oil Pushes Past $116 as Gasoline Inventories Fall

Crude oil rose more than $1 Wednesday to top $116 a barrel, as gasoline inventories declined last week, Bloomberg reported.

Oil futures rose $1.65 to $116.18 a barrel in intraday trading on the New York Mercantile Exchange, Bloomberg said. Oil is up more than $3 since Monday’s closing price of $112.87.

Gasoline inventories dropped 6.2 million barrels last week, the Energy Department said in its weekly inventory report Wednesday.

Oil inventories rose 9.4 million barrels while distillates, which include diesel and heating oil, rose 500,000 barrels, DOE said.