Oil reaches highest point in 14 months

By JONATHAN FAHEY Modified: July 3, 2013 at 7:59 pm •  Published: July 4, 2013

Much of that oil is headed to Europe, but a supply drop anywhere in the world leads to higher prices everywhere.

In the U.S., the Energy Department reported Wednesday that crude supplies fell by 10.3 million barrels from the previous week.

Gasoline supplies fell as well, while analysts expected an increase. The drop in oil and gas supplies could be an indication that U.S. demand is rising.