Brent nears $72 amid tightening supplies; surprise draw in U.S. crude stocks


Brent nears $72 amid tightening supplies; surprise draw in U.S. crude stocks

Oil prices rose on Wednesday, supported by concerns over tightening global supply due to U.S. sanctions and fighting in Libya, as well as an unexpected fall in U.S. crude inventories.

International benchmark Brent crude oil futures rose 21 cents, or 0.3 percent, to $71.93 a barrel by 0034 GMT. Brent earlier hit a fresh five-month high of 71.96 a barrel, the highest since Nov. 8 when prices topped $72 a barrel.

U.S. West Texas Intermediate (WTI) crude futures were at $64.45 per barrel, up 40 cents, or 0.62 percent, from their previous settlement. Read More

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