U.S. oil and gasoline inventories drop sharply 7 million barrels

U.S. crude oil inventories dropped by more than expected last week, according to the Energy Information Administration.

Crude oil inventories dropped 7.056 million barrels against expectations for a draw of 0.275 million barrels.

Distillate stocks rose 0.766 million barrels. The expectation had been for a build of 0.44 million barrels.

Gasoline inventories dropped 4.642 million barrels against expectations for a draw of 1.096 million barrels.

Brent crude rose 1.39 percent to $93.62 a barrel. Texas Intermediate crude Intermediate crude rose $1.68, or 1.88 percent, to $88.16 a barrel.

Oil prices hit a six-month low on Wednesday morning after a brief rally as concerns about a possible global recession that would dampen demand overshadowed a report showing a decline in U.S. crude and gasoline stocks.