Oil prices climbed to settle near $61 a barrel yesterday, the highest closing level this year, after the U.S. government reported surprisingly large drops in gasoline and heating oil inventories, Reuters reported.

Light, sweet crude for April delivery rose 88 cents to settle at $60.95 a barrel on the New York Mercantile Exchange, after spiking as high as $61.25. It was the first time crude traded above the $61 mark since Dec. 29, and the highest closing price since that date.

Gasoline futures rose 5.01 cents to settle at $1.7548 a gallon, and heating oil futures rose 4.34 cents to $1.7250 a gallon.

“It’s a great excuse to buy today,” said James Cordier, president of Liberty Trading Group in Tampa, Fla. The report on inventories was hardly a surprise, and Cordier pointed out that it doesn’t really change the fundamental supply-and-demand picture at this point. But against the backdrop of lower petroleum product inventories, hedge fund money pouring into commodities and the upcoming driving season, traders saw it as a buying opportunity.