MELBOURNE, Nov 23 (Reuters) – Oil prices rose in early trade on Wednesday after industry data showed US crude inventories fell more-than-expected last week, threatening supply shortages ahead of a looming European Union ban and a G7 Price cap for Russian oil clarified.

Brent crude futures were up 25 cents, or 0.3%, to $88.61 a barrel by 0101 GMT, while US West Texas Intermediate (WTI) crude futures were up 35 cents, or 0.4%, to 81.30 $ per barrel increased.

Both benchmark contracts are up about 1% over the past year…