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Oil jumps as hurricane hits U.S. output while crude stocks decline
Oil rose for a second day on Wednesday, gaining more than 2%, as a hurricane closed U.S. offshore oil and gas production and an industry report showed U.S. crude inventories decreased. More than a quarter of U.S. offshore output was shut on Tuesday due to Hurricane Sally. The American Petroleum Institute on Tuesday said crude inventories fell 9.5 million barrels, rather than increased as analysts expected. Brent crude LCOc1 rose 77 cents, or 1.9%, to $41.30 a barrel by 0755 GMT, while U.S. crude CLc1 added 85 cents, or 2.2%, to $39.13. Both contracts rose by more than 2% on Tuesday.“Overnight, the API provided a ... (full story)