July reformulated gasoline rose 9.65 cents, to $3.3965/gallon.

In its weekly inventory report, the Energy Information Administration said that crude stocks were down 5.4 million barrels for the week ended May 16. Analysts had been expecting a rise of about 900,000 barrels.

“The sharp decline was due to a substantial decline in imports,” said Chris Lafakis, of Moody’s Economy.com. Crude imports averaged 9.2 million barrels per day last week, down 696,000 barrels per day from a week earlier, the EIA said.

“If the bulls were looking for something to justify higher prices, this report should do it,” said James Williams, of WTRG Economics. “Crude imports were down and are 1.6 million barrels below the same week last year.”

Source: Where Will Crude’s Run End?

“The combination of the weak U.S. economy and a strengthening dollar continues to put downward pressure on oil,” said James Williams, of WTRG Economics.

Supply worries have eased after the re-start of a major Scottish refinery following resolution of a two-day strike on Tuesday. And Exxon said that upstream affiliates in Nigeria confirmed they’re in the process of production start-up following resumption of services by the senior staff workers union.