Oil Prices Extend Gains After US Crude Stocks Fall

Oil Prices Extend Gains After US Crude Stocks Fall
NASA via AP

The oil price rallied towards its highest level this year on Wednesday, after a drop in U.S. crude inventories and as the prospect of the loss of Iranian supply added to concerns over the delicate balance between consumption and production.

Brent crude futures were last up 98 cents on the day at $80.06 a barrel, its highest level since May. U.S. crude futures rose $1.67, or 2.4 percent, to $70.94 a barrel.

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