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The U.S. Energy Information Administration said Wednesday that crude oil inventories dropped by 1.5 million barrels in the week ending Dec. 25.
Gasoline stockpiles dropped by 300,000 barrels in the week, while demand for motor gasoline rose 1.1 percent on a four-week rolling average over the same period a year ago. Demand for distillate fuel is down 2.8 percent on a four-week rolling average from a year ago.
The price of light, sweet crude added 57 cents overnight to $79.85 per barrel.
Heating oil prices gained 0.019 cents to $2.1283 per gallon. The price of reformulated gasoline added 0.0019 cents to $2.0425 per gallon. Natural gas prices rose 0.068 cents to $5.777 per million British thermal units.
At the pump, the national average price of unleaded gasoline rose to $2.639 per gallon Thursday from Wednesday's $2.623, AAA said.
Copyright 2009 by United Press International.
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