Oil rises to near $104 after US supplies drop

Oil   Oil
By Alex Kennedy on April 25, 2012

SINGAPORE (AP) — Oil prices rose to near $104 a barrel Wednesday in Asia after a report showed U.S. crude supplies unexpectedly fell, suggesting demand may be improving.

Benchmark oil for June delivery was up 28 cents to $103.83 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 44 cents to settle at $103.55 in New York on Tuesday.

Brent crude for June delivery was up 10 cents at $118.26 per barrel in London.

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