Brent pushes above $80 a barrel after U.S. crude stock draw


By Stephanie KellyNEW YORK (Reuters) - Oil futures climbed on Wednesday, with Brent reaching $80 a barrel, after a larger-than-expected drop in U.S. crude inventories and as U.S. sanctions on Iran added to concerns over global oil supply. Benchmark Brent crude futures were up $1.01 at $80.07 a barrel by 10:58 a.

m. EDT (1458 GMT) after reaching $80.13 a barrel, its highest since May 22. U.S. West Texas Intermediate (WTI) crude rose $1.73 to $70.98 a barrel, a one-week high. The spread between the two benchmarks widened 7 percent in the session.....

This article is no longer available in our repository.

There could be multiple reasons for this.