West Texas Intermediate oil climbed to a five-week high after U.S. crude inventories tumbled. Brent approached $111 a barrel. Futures capped a third weekly gain in New York . U.S. crude supplies dropped 7.23 million barrels in the seven days ended May 16, the Energy Information Administration said May 21. Stockpiles at Cushing, Oklahoma , the delivery point for WTI, fell to 23.4 million barrels last week, the least since December 2008. Prices also advanced as violence flared ahead of Ukraine’s May 25 presidential election and unrest continued in Libya . “This has been a pretty solid week for WTI,” Amrita Sen, chief oil market strategist at Energy Aspects Ltd., a research company in London , said by phone. “Prices are up because of the drop of inventories. Cushing supplies are getting close to minimum operating levels.” WTI for July delivery increased 61 cents, or 0.6 percent, to settle […]