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Wednesday, Jan 16, 2013 9:01 PM UTC

Oil jumps above $94 on US supply report

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Topics: From the Wires,

The price of oil jumped above $94 a barrel Wednesday after an unexpected drop in U.S. crude supplies.

Benchmark oil was up 96 cents to close at $94.24 a barrel on the New York Mercantile Exchange.

Oil supplies fell by 1 million barrels, or 0.3 percent, to 360.3 million barrels last week. Analysts expected an increase of 2.5 million barrels. The drop was due mainly to a decline in imports. Gasoline supplies grew less than expected as refineries slowed output.

Still, supplies of oil and gasoline remain above average for this time of year, with crude inventories nearly 9 percent higher than a year ago and gasoline levels more than 3 percent higher. Domestic production of crude, at more than 7 million barrels a day, is the highest in 20 years.

Prices at the pump continue to slip lower. The national average for a gallon of gas is now $3.29, down about a penny from a week ago and 9 cents less than at this time last year.

Going forward, traders will be watching for the latest reading on China’s economic growth Friday and developments in contentious negotiations in Washington over the nation’s borrowing limit.

Brent crude, used to price international varieties of oil, was up 5 cents to $119.68 per barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline rose 1 cent to $2.72 a gallon.

— Natural gas lost 2 cents to $3.44 per 1,000 cubic feet.

— Heating oil fell 1 cent to $3.00 a gallon.

___

Pamela Sampson in Bangkok and Pablo Gorondi in Budapest contributed to this report.

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Gripping photos: The people of the Turkey protests (slideshow)

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  • The protests take on a festive element as police forces move out of the park and square. Wearing a gas mask, this young man dances to traditional Turkish music in front of Taksim Square’s Ataturk Monument.

  • In Gezi Park since March 31st, this protester, originally caught off-guard by the Government’s teargas and water cannons, went out and bought a Russian army mask from WWII, preparing for what was to come.

  • This rambunctious boy seems to be enjoying the chaos. After taking this picture he threw a stone at the already destroyed building in the background.

  • Forming a line, the police face off directly with protesters in Taksim Square. After a while, they retreated and there was a general cheer – a back-and-forth dance that has been common since the beginning of this protest.

  • An elderly woman in Gezi Park reads the news. The tent community occupying the park was violently destroyed on June 16th.

  • Many different groups had set up booths to promote their cause in Taksim Square and Gezi Park. Standing in front of one, this man waves his flag while posing with conviction.

  • Many home-remedies are used to minimize the effects of tear gas. This woman has put a milky solution on her face, removing her mask after the tear gas dissipated. Before sunrise, the police came again for another round of teargasing.

  • People capitalize on the uprising -- selling flags, beer, gas masks, sky lanterns and spray paint to name just a few of the popular items.

  • On Monday morning, June 11, the police execute a strong offensive. Many plain-clothed police officers, like the ones seen here, clash with protesters in the side streets away from the main stand-off in Taksim.

  • The authorities seem to be most aggressive in the night, pushing protesters away from the square and park. After being teargassed this young woman catches her breath with other protesters on Siraselviler Street.

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