Oil rises above $100 to highest in 14 months

US crude futures gained more than $1 a barrel on Wednesday, rising above $100 to hit the highest level in 14 months, after industry data showed a surprisingly large drop in crude stockpiles.

US crude inventories fell by 9.4 million barrels in the week through June 28,

the American Petroleum Institute said late on Tuesday. Analysts had been expecting a drawdown of 2.3 million barrels in a Reuters poll.

Investors will be looking to verify this data with statistics from the US Department of Energy's Energy Information Administration (EIA) due later on Wednesday.

Brent crude on the other hand rose to $105/bbl on West Asia tensions.