Crude Oil Climbs Above $100 After Unexpected U.S. Supply Decline
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Crude oil climbed above $100 a barrel in New York after an Energy Department report showed an unexpected drop in U.S. inventories as refineries bolstered operating rates and imports declined.
Oil advanced 3.3 percent after the department said supplies fell 15,000 barrels to 370.3 million last week. Inventories were forecast to rise 1.7 million barrels, according to analysts surveyed by Bloomberg News. Refineries operated at 83.2 percent of capacity, the most since the week ended April 1.