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Oil prices rise on expected U.S. stocks draw

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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.

"Prices are still rangebound ahead of the EIA weekly report due later today and ahead of the U.S. Federal Reserve's monetary policy decision ... In the near term, crude may move with larger markets with focus on China and Fed policy."

 

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