Oil prices rise over $1 after report of big draw in U.S. crude stocks | Reuters

Oil prices rise over $1 after report of big draw in U.S. crude stocks | Reuters

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.

U.S. West Texas Intermediate (WTI) crude futures rose $1.08, or 1.5%, to $71.57 a barrel by 0643 GMT, adding to a 35- cent gain from Tuesday.

Brent crude futures climbed $1.03, or 1.4%, to $75.39 a barrel, after gaining 44 cents on Tuesday.

The oil market's focus turned to concerns of tight supply, after Monday's pressure from broad market jitters over the possible default of Chinese property developer China Evergrande Group (3333.HK).