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Oil prices rally as U.S. crude supplies post a weekly decline and Hurricane Sally curtails production

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Oil futures rallied on Wednesday, with U.S. prices ending above $40 a barrel after U.S. government data that showed an unexpectedly large weekly drop in U.S. crude inventories, while production curtailments in the Gulf of Mexico caused by Hurricane Sally worsened.

U.S. crude inventories fell by 4.4 million barrels for the week ended Sept. 11, according to the Energy Information Administration on Wednesday.

That was larger than the average forecast from analysts polled by S&P Global Platts for a decline of 1.8 million barrels, but on Tuesday the American Petroleum Institute, a trade group, had reported a drop of 9.5 million barrels.

The EIA also reported that…



Source marketwatch.com

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