Oil futures end sharply higher after big drop in gasoline inventories

Oil futures ended sharply higher Wednesday, taking back a chunk of this week’s hefty losses after an unexpectedly large drop in gasoline inventories.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in September CLU6, +0.17%  jumped $1.32, or 3.3%, to settle at $40.83 a barrel. The U.S. benchmark initially dived, erasing early gains, after weekly inventory data from the Energy Information Administration showed a surprise 1.4 million barrel rise in crude inventories last week.

Crude almost immediately bounced back, however, hitting new session highs as traders focused on a larger-than-expected 3.3 million barrel drawdown in gasoline inventories and a 1.1 million barrel fall in crude inventories at Cushing, Okla., the delivery point for Nymex futures, analysts said.

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