Even as Europe weighed heavily on traders' sentiment, rising oil prices once again came to the forefront with the key holiday season set to begin shortly.
The benchmark crude oil contract traded in New York recently jumped $2.15, or 2.2%, to $101.51 U.S. a barrel. Wholesale RBOB gasoline climbed two cents, or 0.67%, to $2.60 U.S. a gallon.
Crude oil prices rally was driven by the sale of a key pipeline, analysts say.
The U.S. Energy Department's weekly inventory reports showed oil and gas inventories were slightly higher than had been expected in the prior week. Crude stocks fell 1.06 million barrels, a narrower draw than the 1.2 million that was expected. Gasoline stocks, meanwhile, rose 992,000 barrels, topping estimates of a 700,000 fall.
In general, higher supply eases pressure on prices, so unexpectedly high stocks could have a bearish affect in the energy markets. Indeed, gasoline significantly pared its gains after the report.
