The price of oil rose above $100 a barrel on Wednesday on a surprise decline in U.S. supplies and the continuing conflict in Ukraine. U.S. crude for June delivery rose $1.27 to close at $100.77 a barrel in New York. 
Brent crude, a benchmark for international crude used by many U.S. refineries, rose $1.07 to close at $108.13 a barrel in London. 
The Energy Department reported Wednesday that U.S. crude oil stocks fell by 1.8 million barrels last week. Supplies are still higher than their five-year average for this time of year, but the drop surprised traders. 
Analysts had expected an increase of 1.3 million barrels in crude oil stocks, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.