Crude oil settles at highest level since September

"We needed some big builds [in gas inventories]," Cordier said. "We got one or two big builds, then this figure just threw cold water on it."

The report attracted hedge funds and technical buying, analysts said, further adding to the price increases.

Kloza doubts the rally will continue much longer. He thinks futures will trade in a defined range of a few dollars for oil, and US$0.10 to US$0.20 for gasoline, rather than breaking out to new highs.

"I do not believe this is the beginning of another tremendous bounce," Kloza said.

Retail gas will follow suit, he said: It won't fall any further, but it also won't jump back to late last month's records.