Oil prices finish higher, supported by a weaker U.S. dollar and weekly fall in gasoline supplies

Oil futures settled higher on Wednesday, finding support on the back of a weaker U.S. dollar, as well as a weekly decline in domestic gasoline stockpiles. The Energy Information Administration reported that supplies of crude rose 2.6 million barrels last week, but gasoline fell by 1.5 million barrels. The EIA data was more bullish than the American Petroleum Institute’s inventory data released Tuesday, and “lower gasoline inventories implies perhaps the economy, and driving, are not as weak as expected,” said Michael Lynch, president of Strategic Energy & Economic Research. U.S. benchmark West Texas Intermediate crude for December delivery CLZ22, +3.33% rose $2.59, or 3%, to settle at $87.91 a barrel on the New York Mercantile Exchange. That was the highest front-month contract finish since Oct. 13, FactSet data show.