Oil prices settled higher Wednesday, getting a boost as gasoline prices rose on the back of a weekly drop in U.S. supplies of the fuel. The Energy Information Administration reported a bigger-than-expected 5 million-barrel climb in last week’s crude inventories, but also showed a hefty decline of 6.3 million barrels in gasoline stockpiles. April West Texas Intermediate crude rose 25 cents, or 0.4%, to settle at $60.96 a barrel on the New York Mercantile Exchange. April gasoline settled at $1.924 a gallon, up 3.8 cents, or 2%.
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