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U.S. stockpiles of crude fell by 5.3 million barrels to the first sub-400-million-barrel reading since February 2015
Oil prices surged Wednesday, with the global benchmark Brent hitting $80 a barrel for the first time since May, after the U.S. reported a decline in both oil production and stored inventories.
A variety of other factors also propelled prices higher, including concerns over Hurricane Florence and some storms moving toward the Gulf of Mexico, tightening global oil supplies due to U.S. sanctions against Iran, and weakness in the dollar, analysts said.