Crude Oil’s Gain Tempered by Increase in U.S. Gasoline Supplies

Oil rose to the highest level since December after U.S. crude stockpiles dropped for the first time in four months, though gains were limited by an increase in gasoline supplies.

Crude supplies slipped 3.88 million barrels last week, according to the Energy Information Administration. Refineries operated at the highest rate in four months as imports slipped to a one-year low. Futures dropped from session highs as the increase in gasoline inventories signaled weaker demand going into summer.