NEW YORK (CNNMoney.com) -- Oil climbed above $76 a barrel on Wednesday after a government report showed that crude supplies fell more than twice as much as analysts predicted, for the second week in a row.
Crude oil for February delivery jumped $2.27 to settle at $76.67 a barrel. On Tuesday, oil rose to settle at $74.40.
Wednesday's inventory report "showed extraordinary draw-downs of crude oil, and that speaks to growing demand and a recovering economy," said Mike Fitzpatrick, vice president of energy at MF Global.
Inventory report. The Energy Information Administration reported a drop of 4.9 million barrels in crude stocks, more than double the 2 million barrel decrease analysts expected, according to a consensus estimate collected by energy information provider Platts.
Gasoline stockpiles fell by 900,000 barrels, the report showed, lower than the 1.3 million barrel rise analysts predicted.
Inventories of distillate fuel, a category that includes heating oil and diesel, decreased by 3.1 million barrels. Analysts estimated a decline of 2.25 million barrels.
Gasoline prices. The national average price for a gallon of regular unleaded gas fell to $2.584, down one tenth of a cent from the previous day's price of $2.585, according to motorist group AAA.
The highest gas prices are in Alaska, where the average is $3.372. Missouri has the cheapest gas with an average of $2.389. 
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.80% | 3.80% | |
| 15 yr fixed | 3.09% | 3.11% | |
| 5/1 ARM | 2.65% | 2.69% | |
| 30 yr refi | 3.77% | 3.86% | |
| 15 yr refi | 3.09% | 3.21% |
Today's featured rates:
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 12,454.83 | -74.92 | -0.60% |
| Nasdaq | 2,837.53 | -1.85 | -0.07% |
| S&P 500 | 1,317.82 | -2.86 | -0.22% |
| Treasuries | 1.74 | -0.01 | -0.80% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Bank of America Corp... | 7.15 | 0.01 | 0.14% |
| Sprint Nextel Corp | 2.62 | 0.09 | 3.56% |
| Cisco Systems Inc | 16.33 | -0.06 | -0.37% |
| Chesapeake Energy Co... | 15.81 | 0.23 | 1.48% |
| Ford Motor Co | 10.60 | 0.01 | 0.09% |
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