Oil jumps more than $4 after gasoline stock draw

Wed Jul 30, 3:38 PM ET

NEW YORK (Reuters) - Oil rose more than $4 a barrel on Wednesday after U.S. government data showed an unexpected drop in gasoline stocks as suppliers facing weak consumer demand cut production and imports.

U.S. crude settled up $4.58 at $126.77 a barrel after falling to $120.42 on Tuesday, the lowest level since May 6.

But energy market analysts offered mixed views on whether prices would swing back toward record levels above $147 a barrel hit earlier this month or if Wednesday's big rally was just a temporary bump.