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Oil, gasoline surge as supplies drop; metals rise

The Associated Press

Crude oil and gasoline prices surged Wednesday after the U.S. reported steep declines in supplies of both commodities.

Gold and most other metals ended slightly higher. Crop prices were mixed.

Benchmark crude oil for August delivery shot up $2.99, or 3 percent, to $106.52 a barrel in New York. That's the highest settlement since March 2012.

Wholesale gasoline jumped 8.9 cents to $3.015 a gallon.

Crude oil supplies fell 9.9 million barrels last week, more than twice as much as analysts had expected. Gasoline supplies fell by 2.6 million barrels. Analysts had expected an increase.

In other energy trading, heating oil rose 1.6 cents to $3.002 gallon and natural gas rose 2.3 cents to $3.68 per 1,000 cubic feet.

August gold edged up $1.50 to settle at $1,247.40 an ounce. Silver for September delivery rose 2.7 cents to $19.165 an ounce.

September copper rose 2.65 cents to $3.091 a pound and palladium for delivery in the same month rose $16.45 to $713.80 an ounce. October platinum fell 50 cents to $1,368.10 an ounce.

Wheat for September delivery rose 1.5 cents to $6.79 a bushel and soybeans rose 8.5 cents to $12.8475 a bushel. December corn fell 0.25 cent to $5.215 a bushel.