AP, NEW YORK -- Oil prices are slightly higher, hovering near $123 a barrel, after the government reported that U.S. gasoline supplies fell unexpectedly last week while crude stockpiles fell less than expected.

Light, sweet crude for September delivery is up 74 cents at $122.93 a barrel in morning trading on the New York Mercantile Exchange. The contract had fallen below $121 a barrel earlier in the day.

The Energy Information Administration says that U.S. gasoline supplies fell by 3.5 million barrels last week. Analysts surveyed by energy research firm Platts expected gas supplies to increase by 400,000 barrels.

U.S. crude stockpiles fell by 100,000 barrels last week, far less than the 1.3 million barrels analysts had predicted.

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