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

By Stephanie KellyNEW YORK (Reuters) - Oil futures rose 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 rose 47 cents to $79.53 a barrel, by 12:49 p.m. EDT (1649 GMT).

The global benchmark earlier reached $80.13 a barrel, its highest since May 22. U.S. West Texas Intermediate (WTI) crude futures rose 93 cents to $70.18 a barrel, a one-week high. U.S. crude inventories fell by 5.3 million.....

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