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Oil jumps above $94 a barrel as supplies fall

January 15, 2014

Oil prices are higher, sending U.S. crude above $94 a barrel for the first time in two weeks.

Crude oil for February delivery rose $1.58, or 1.7 percent, to $94.17 a barrel in New York Wednesday.

A key reason for the higher price was a big drop in supplies. The U.S. government reported that oil supplies fell by 7.7 million barrels last week, more than analysts expected.

Metals prices were mixed. Gold and silver edged lower, but copper and palladium inched higher.

In March agricultural contracts, wheat slumped 11.5 cents to $5.6775 a bushel. Corn fell 5.75 cents to $4.2575 a bushel and soybeans edged up 11 cents to $13.18 a bushel.

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