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Oil prices rise on expected U.S. stocks draw

September 22, 2021


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 after 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.

U.S. West Texas Intermediate (WTI) crude futures rose $1.22, or 1.7%, to $71.71 a barrel by 1055 GMT, adding to a 35- cent gain from Tuesday.