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The Energy Department said Wednesday that commercial rude inventories fell by 14.5 million barrels, after climbing by about 5 million in the previous two weeks. Gasoline inventories fell by 4.2 million barels.

Crude prices in New York jumped nearly 4 percent, climbing $1.78 a barrel to $47.28 cents at about 10:20 a.m.

Despite the declines, the Energy Department noted that crude inventories remain at historically high levels and gasoline stockpiles are still a elevated levels. Average gasoline prices fell about three cents a gallon over the past week both nationally and in Houston, to $2.19 and $2 respectively, according to GasBuddy.com, a website that tracks gas prices and refining activitiy.

Demand for energy, meanwhile, continues to grow. U.S. motorists consumed an average 9.6 million barrels of gasoline per day last week, up more than 3 percent from the same week a year ago. Consumption of all petroleum products climbed 2.4 percent to 20.7 million barrels a day, according to the Energy Department.