Crude prices rise on falling stockpiles

Crude oil prices rose on new data from the US Energy Information Administration which showed that crude oil inventories dropped last week by more than had been expected.

The EIA said that stockpiles of crude oil were down 2.8 million barrels last week to 344.5 million barrels, but they remain more than 16 percent over inventories last year at the same time.

August contracts for West Texas Intermediate crude had added $2.15 to $61.67 per barrel shortly before the close of floor trade on the New York Mercantile Exchange, while at last report Brent crude was $2.56 higher to $63.42 per barrel on the ICE Futures Europe exchange in London.

Nymex August gasoline futures added 2 cents to $1.67 per gallon and September heating oil gained 6 cents to $1.61 per gallon but August natural gas dropped 13 cents to $3.30 per million British thermal units.

Retail prices for regular unleaded gasoline, meanwhile fell 8.4 percent last week according to the EIA, and were still about $1.58 lower than they were last year at this time despite recent gains.