Oil Prices Rise

Oil prices rose a bit higher Wednesday after a US government report said stockpiles of gasoline fell more than expected and crude supplies exceeded analysts' estimates.

U.S. light crude for June delivery rose 23 cents on the New York Mercantile Exchange to settle at $118.30 a barrel.

In its weekly inventory report, the U.S. Energy Information Administration, a government agency that measures oil and gas supplies, said gasoline supplies fell by 3.2 million barrels. Analysts were looking for a a 2.1 million barrel drop, according to a Dow Jones poll.

Distillates - used to make heating oil and diesel fuel - also dropped, falling by 1.4 million barrels. That was more than the 300,000-barrel fall in supply that analysts had expected.

But crude stocks rose by 2.4 million barrels last week. Analysts were looking for a rise of 1.1 million barrels.