Oil prices rise on concerns over tightening supply

Oil prices rose in early trade on Wednesday, hovering near 10-month highs hit the previous day, as a bigger-than-expected draw in U.S. oil stockpiles and weak U.S. shale output reinforced fears of tight crude supply for the rest of 2023. Global benchmark Brent crude futures climbed 6 cents, or 0.1%, to $94.40 a barrel by 0034 GMT, staying near the highest since November of $95.96 hit on Tuesday. Industry data on Tuesday showed U.S. crude oil stockpiles fell last week by about 5.25 million barrels, according to market sources citing American Petroleum Institute figures.