Oil settles higher as gas supplies fall

Government says gasoline stockpiles dwindled by 3.5 million barrels last week; distillates don’t rise as much as expected.

NEW YORK (CNNMoney.com) — Oil prices moved higher Wednesday after the government said supplies of gasoline fell far more than expected.

U.S. crude for September delivery settled 19 cents higher at $73.94 a barrel on the New York Mercantile Exchange. Crude was 20 cents higher just prior to the report.

CNN Money