Oil Surged $1.20 on Unexpected Supply Drop

Business Week reported that oil surged $1.20 as the Energy Information Administration announced unexpected drop in U.S. crude supplies.

As quoted in the market news:

Benchmark West Texas Intermediate crude rose $1.20 to finish at $107.27 per barrel in New York. Brent crude, which is used by many U.S. refineries to make gasoline, rose by 8 cents to end at $124.20 per barrel in London.

Click here to read the full Business Week report.