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Oil rises above $104 after US supplies drop

Reported by SeattlePI.com on Wednesday, 25 April 2012 (on April 25, 2012)

Oil rises above $104 after US supplies drop
Associated Press
Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. ext

Updated 06:49 a.m., Wednesday, April 25, 2012

LONDON (AP) — Oil prices rose above $104 a barrel Wednesday after a report showed U.S. crude supplies unexpectedly fell, suggesting demand may be improving, and strong corporate earnings helped sentiment in financial markets. Upbeat earnings reports from companies like Appple Inc. helped equities rise, improving investor sentiment across financial markets. Stronger U.S. crude demand could offset weakness in Europe where the region's debt crisis may force further government spending cuts that would hurt economic growth.

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