Oil Prices Rise on Expected US Stocks Draw

Oil Prices Rise on Expected US Stocks Draw
A gas pump at a petrol station in Seoul on June 27, 2011. Jo Yong-Hak/Reuters
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LONDON—Oil prices climbed more than $1 on Wednesday, extending overnight gains after industry data showed U.S. crude stocks fell more than expected last week in the wake of two hurricanes, highlighting tight supply as demand improves.

Prices were also supported as some OPEC members struggle to raise output and by a general sense of energy market shortages amid a power and gas crisis in Europe.