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% | 3.88% | |
| 15 yr fixed | 3.20% | 3.23% | |
| 5/1 ARM | 3.84% | 3.88% | |
| 30 yr refi | 3.82% | 3.93% | |
| 15 yr refi | 3.20% | 3.23% |
Today's featured rates:
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 32,627.97 | -234.33 | -0.71% |
| Nasdaq | 13,215.24 | 99.07 | 0.76% |
| S&P 500 | 3,913.10 | -2.36 | -0.06% |
| Treasuries | 1.73 | 0.00 | 0.12% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Ford Motor Co | 8.29 | 0.05 | 0.61% |
| Advanced Micro Devic... | 54.59 | 0.70 | 1.30% |
| Cisco Systems Inc | 47.49 | -2.44 | -4.89% |
| General Electric Co | 13.00 | -0.16 | -1.22% |
| Kraft Heinz Co | 27.84 | -2.20 | -7.32% |
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