Crude oil futures extended gains after a U.S. government report showed a bigger-than-forecast drop in supplies of gasoline.
Gasoline inventories fell 5.32 million barrels to 219.7 million in the week ended March 18, the Energy Department said today in a weekly report.
Stockpiles were forecast to decline by 2 million barrels, according to the median of 16 analyst estimates in a Bloomberg News survey.
Crude oil for May delivery rose 58 cents, or 0.6 percent, to $105.55 a barrel at 10:37 a.m. EDT on the New York Mercantile Exchange.
Oil traded at $105.45 a barrel before the release of the report at 10:30 a.m. EDT in Washington.
Oil also rose as the United States and its allies prepared to attack Libyan leader Muammar Qaddafi’s troops and protesters clashed with government forces in Syria, bolstering concern that supply will be disrupted.
Oil rose as much as 0.9 percent after U.S. Admiral Samuel Locklear said more strikes will be launched in the “coming hours and days.”
Prices advanced 15 percent this year as unrest spread from Tunisia to Egypt, Yemen, Bahrain and Syria.
