Oil prices extend gains after US crude stocks draw

Oil prices inched higher on Wednesday, extending the previous day’s rally, after industry data showed U.S. crude stocks fell more than expected last week, though a bigger-than-anticipated build in products inventories capped gains.

Brent crude futures rose 29 cents, or 0.4%, to $77.88 a barrel at 0138 GMT, while U.S. West Texas Intermediate crude futures climbed 29 cents, or 0.4%, to $72.53 a barrel.