Dec. 29 (Bloomberg) -- Crude oil rose above $60 a barrel in New York amid concern that falling U.S. gasoline inventories will leave stockpiles inadequate to meet demand.

``The strength in gasoline is supporting crude oil,'' said Phil Flynn, vice president of risk management at Alaron Trading Corp. in Chicago. ``It is a little early to be concerned about gasoline, but supplies have continued to trail year-ago levels week after week. Supplies are tight even with the high production rate and imports.''

Gasoline supplies fell 1.2 million barrels to 202.9 million in the week ended Dec. 23, according to the Energy Department. A 250,000 barrel decline was expected, according to the median of forecasts by 13 analysts surveyed by Bloomberg. Inventories of crude oil rose 118,000 barrels to 322.6 million. Stockpiles were forecast to drop 500,000 barrels.