NEW YORK -- Oil prices jumped above $70 a barrel Wednesday after the government reported a huge draw of crude oil from U.S. stockpiles, according to The Associated Press.

Benchmark crude for September delivery added $1.78 to $70.97 a barrel on the New York Mercantile Exchange. The contract ends Thursday.

Prices jumped immediately after the Energy Information Administration said crude in storage fell by 8.4 million barrels last week. Gasoline held in storage fell as well, but the draw down in crude was the big surprise.