Gasoline futures rose Wednesday after the U.S. government reported a large drop in gasoline inventories, adding to supply concerns that already have been heightened by political troubles in Nigeria and Iran. Meanwhile, oil traded near $69 a barrel-near record highs-as data showed high U.S. supplies of crude. The Energy Department reported that U.S. gasoline inventories fell 3.9 million barrels last week to 207.9 million barrels, down nearly 2 percent from levels a year ago. U.S. gasoline demand is higher, the department said a day earlier, averaging 9.1 million barrels per day (bpd) over the past four weeks, or 1.2 percent above year-ago levels. Gasoline prices rose nearly 2 cents to $2.0725 a gallon (3.8 liters) in morning trading on the New York Mercantile Exchange. Light sweet crude for May delivery fell 8 cents to $68.90 a barrel after rising in earlier trading as high as $69.60, a record for 2006. According to the Energy Department, U.S. crude inventories rose 3.2 million barrels to 346 million barrels, and supplies of distillates-including heating oil, diesel, and jet fuel-fell 4.6 million barrels to 117.4 million barrels.
