Crude oil futures jumped around Wednesday after government data showed U.S. stockpiles of gasoline and distillates last week fell more than expected, according to AP. Light, sweet crude for June delivery fell 28 cents to $117.79 a barrel, after modestly rising earlier. On Tuesday, May crude futures rose to a trading record of $119.90 as investors scrambled to square positions before the contract expired. At the moment, June crude does not face the same pressure to rise, though many forecasters predict prices could eventually breach the $120 level. The EIA reported U.S. crude stockpiles rose 2.4 million barrels last week, more than double the 1.1 million-barrel gain expected by analysts. It was the first in crude inventory gain in three weeks. The agency also estimated gasoline stocks declined by 3.2 million barrels, exceeding an expected 2.1 million-barrel decline. The 1.4 million-barrel decline in distillates stocks was more than four times the expected level.
