Oil rises on U.S. crude stock draw, supply concerns | Reuters

Oil rises on U.S. crude stock draw, supply concerns | Reuters:

Oil prices rose on Thursday after news of another drawdown in U.S. crude inventories and on signs that OPEC may not raise production enough to compensate for the loss of Iranian exports hit by U.S. sanctions.

Benchmark Brent crude LCOc1 was up 20 cents at $79.60 by 0740 GMT, its third day of gains. U.S. light crude oil CLc1 was 40 cents higher at $71.52 a barrel, after rising nearly 2 percent on Wednesday.

U.S. crude oil stockpiles fell for a fifth straight week to 3-1/2-year lows in the week to Sept. 14, while gasoline inventories also showed a larger-than-expected draw on unseasonably strong demand, the Energy Information Administration said on Wednesday.