Oil inventories fall more than 3 times expected

Light sweet crude for August delivery rose $1.16 to $137.20 a barrel in NYMEX trading after a report from the Energy Department showed crude stocks fell by 5.9 million barrels during the week ended July 4.

Oil was up 99 cents just before the report’s release.

An estimate from Platts, the energy analysts division of McGraw-Hill, predicted crude would fall by only 1.9 million barrels.