Oil prices rise on surprise supply drop

Published August 1, 2012 7:18pm ET



NEW YORK (AP) — The price of oil climbed to near $89 per barrel Wednesday after the government said supplies have dropped more than analysts expected.

Benchmark U.S. crude rose by 85 cents to end the day at $88.91 per barrel in New York. Brent crude, which sets the price for imported oil, added $1.04 to finish at $105.96 per barrel in London.

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