Oil rose

Crude oil surged, with West Texas Intermediate surpassing $100 a barrel for the first time in nine months, as the government reported that U.S. stockpiles declined for the first time in four weeks.

WTI climbed as much as 2.6 percent. The Energy Information Administration said that supplies fell 10.3 million barrels to 383.8 million. The report was projected to show a 2.25 million-barrel decline, according to a survey. Prices also rose after Egypt’s President Mohamed Mursi rejected a demand from the military to solve the country’s political impasse, boosting anxiety that Middle East shipments will be cut.

WTI crude for August delivery gained $1.97, or 2 percent, to $101.57 a barrel at 10:34 a.m. on the New York Mercantile Exchange. The contract traded at $101.45 before the release of the EIA report at 10:30 a.m. in Washington. Futures touched $102.18, the highest intraday level since May 4, 2012. The volume of all futures traded was more than double the 100-day average for this time of day.

There will be no floor trading in the Nymex tomorrow because of the U.S. Independence Day holiday. Any electronic trades will be booked for July 5.

Brent oil for August settlement rose $1.47, or 1.4 percent, to $105.47 a barrel on the London-based ICE Futures Europe exchange. The European benchmark grade was at a $3.90 premium to WTI after falling to as little as $3.10 today. The spread was $4.40 yesterday, the narrowest based on closing prices since Jan. 4, 2011. It was more than $23 in February.