Oil futures topped $104 a barrel on Wednesday to settle at their highest
level in a month after a U.S. government report showed a drop in weekly
crude inventories that was much bigger than the market expected.
In its first full session as a front-month contract, July crude CLN4 -0.14% rose $1.74, or 1.7%, to settle at $104.07 a barrel on the New York Mercantile Exchange. Prices were trading around $103.39 before the government supply data were released. Based on the most-active contracts, prices haven’t closed at a level this high since April 21, FactSet data show.
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