Bloomberg reported that oil surged 0.9 percent to $104.49 a barrel after crude inventories decreased by 985,000 barrels last week.
As quoted in the market news:
Crude for June delivery advanced as much as 94 cents, or 0.9 percent, to $104.49 a barrel in electronic trading on the New York Mercantile Exchange. That’s the highest since April 18. The contract was at $104.31 at 1:32 p.m