Crude prices settled above 75 dollars a barrel Wednesday as the U.S. Department of Energy said gasoline stockpiles unexpectedly fell amid record demand and falling imports.

U.S. gasoline stockpiles dropped by 2.3 million barrels in the week ended July 13, said the government in its weekly stockpile report.

Light, sweet crude for August delivery was up 1.03 dollars to settle at 75.05 a barrel on the New York Mercantile Exchange.

Brent crude futures for September rose 1.23 dollars to settle at 76.76 dollars on London's ICE Futures exchange.