Oil and gasoline prices rose Wednesday, after the U.S. government reported a plunge in gasoline inventories that was four times larger than expected amid strong demand.

Total U.S. motor gasoline stockpiles sank by 5.5 million barrels last week to 199.7 million barrels, the U.S. Energy Information Administration reported. Analysts had been expecting just a 1.3 million barrel decline.

The U.S. agency said gasoline demand has been strong recently, averaging 9.4 million barrels per day over the past four weeks, or 2.5% higher than the year-ago period.

Crude oil inventories, meanwhile, rose by 700,000 barrels last week to 333.4 million barrels, compared with ‘tations of a 1.6 million barrel gain. Stocks of distillate fuels, which include heating oil, added 100,000 barrels to 118.1 million barrels, compared with ‘tations of a 900,000 barrel decline.

Light, sweet crude for May delivery rose 54 to US$62.43 a barrel in morning trading on the New York Mercantile Exchange.

Gasoline futures added 4.54¢ per gallon to US$2.168 on the Nymex.