NEW YORK (CNNMoney.com) -- Oil rose about 4% Wednesday, as world financial markets rebounded from losses the day before and traders welcomed a supply report that showed gasoline stocks declined last week.
What prices are doing: Crude for July delivery rose $2.76, or about 4%, to $71.51 a barrel in global trading Tuesday.
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| Click the chart for the current price of oil and other commodities. |
Gasoline prices fell for the 20th consecutive day, slipping to $2.771 a gallon from $2.78 the day before, according to a survey by motorist group AAA. In that time period, the price has dropped 15.8 cents, or nearly 5.4%.
What's moving the market: Markets in Europe and Asia both posted gains Wednesday as lower prices on stocks and oil lured buyers. Financial markets in Europe and Asia plummeted the day before on fears about growing political tensions in Korea and continued concerns about Europe's debt crisis.
Oil traders also welcomed a U.S. Energy Information Administration report that showed gasoline supplies decreased by 200,000 barrels last week and distillate fuel, a category that includes heating oil and diesel, decreased by 300,000 barrels.
Crude stocks, however, rose by 2.4 million barrels last week -- a much higher increase than the 100,000 additional barrels forecast by analysts.
What analysts are saying: Oil traders are hoping the decline in gasoline stocks is the first of many to come during the summer, as the peak driving season picks up, said James Cordier, president of Liberty Trading Group.
He expects gasoline prices to start inching up during Memorial Day weekend and increase by 20 to 30 cents per gallon by July 4. 
| 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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