Crude prices traded higher Wednesday as U.S. gasoline stockpiles declined last week by much more than expected.

The Department of Energy said Wednesday that inventories of U.S. gasoline plunged by 5.5 million barrels to 199.7 million barrels in the last week to April 6, much more than Analysts' forecast a decline of 1.4 million barrels.

Light, sweet crude for May delivery was up 12 cents at 62.01 dollars per barrel on the New York Mercantile Exchange.

In London, the price of Brent North Sea crude for May delivery rose 42 cents at 67.84 dollars per barrel.