Business

Oil climbs to $103 as US supplies seen falling

By Pablo Gorondi
Published May 21, 2014 12:48pm ET
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The price of oil climbed to $103 a barrel Wednesday after a report showed a large drop in U.S. crude supplies.

By early afternoon in Europe, benchmark U.S. crude for July delivery was up 71 cents to $103.04 a barrel in electronic trading on the New York Mercantile Exchange. On Tuesday, the Nymex contract gained 22 cents.

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