Oil prices rose in early trade on Wednesday after industry data showed US crude inventories fell more-than-expected last week, highlighting supply shortages ahead of a looming European Union ban and a G7 price cap on Russian oil.

Brent crude LCOc1 futures were up 25 cents, or 0.3%, to $88.61 a barrel by 0101 GMT, while US West Texas Intermediate (WTI) crude CLc1 futures were up 35 cents, or 0.4%, to 81, $30 a barrel rose.

Both benchmark contracts were up about 1% in the previous session as the…

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