The increase in the prices of oil continued as they were reportedly somewhere just below $78 a barrel on Wednesday in Asia. The crude oil supplies in the U.S. came down to less than what was anticipated last week, which meant that the fuel prices will remain high.
The supplies of crude inventories came down to 241,000 barrels in the previous week as compared to a decrease of 1.6 million barrels that had been predicted in an analyst survey made by Platts. On the other hand, as the price of gasoline fell, distillates have seen a rise.
In the Nymex trading, the price of heating oil came up by 0.93 cent and settled at $2.0340 a gallon, while the price of gasoline rose by 1.10 cents and ended at $2.0896 a gallon.
The price of Brent crude also came up by 62 cents and settled at $76.84 a barrel. Energy analyst Schork Group has said that they will keep their eyes on the indicators for consumer health in this earning season.