Oil plummeted by 88 cents on Wednesday after government data showed inventories of gasoline rose 1.5 million barrels and crude rose 0.2 million barrels due to strong imports. This data was contrary to expectations of a decline in supplies. The report, however, showed that four-week average U.S. gasoline demand had risen 1.9% from a year ago levels. However, oil prices bounced back past US$73 a barrel on Thursday, as U.S. light crude for August delivery rose to US$73.12 a barrel and London Brent crude for September climbed to US$74.25.
20-Jul-06 
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