Crude oil rises to almost US$102 a barrel on anticipation of U.S. supply drop

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The price of oil rose Tuesday as traders anticipated a report showing another decline in U.S. supplies.

Benchmark West Texas Intermediate crude for June delivery gained $1.11 to US$101.70 a barrel on the New York Mercantile Exchange, the highest close since April 24.

Brent crude rose 75 cents to US$108.54 a barrel on the ICE exchange in London.

On Wednesday, the Energy Department is expected to report that U.S. crude oil supplies fell last week by 1.5 million barrels, according to a survey of analysts by Platts. It would be the second weekly decline since the U.S. supply of oil reached a record 399.4 million barrels as of April 25.

In other energy futures trading on the Nymex, wholesale gasoline gained two cents to US$2.93 a U.S. gallon (3.79 litres), heating oil added three cents to US$2.94 a gallon and natural gas fell eight cents to US$4.36 per 1,000 cubic feet.

(TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS), (TSX:CVE)

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