The price of oil surged above $97 a barrel Wednesday on expectations U.S. crude stockpiles fell, AP reported. Benchmark U.S. crude for January delivery was up $1.16, or 1.2 percent, to $97.20 a barrel at midafternoon Kuala Lumpur time in electronic trading on the New York Mercantile Exchange. The contract rose $2.22 to $96.04 on Tuesday after TransCanada said the southern leg of its Keystone XL pipeline should be operational early next month. Brent crude, a benchmark for international oils, rose 24 cents at $112.86 a barrel on the ICE exchange in London.
