Oil prices surge 3% to 7-week high as surprise US stockpile draw adds to supply worries

By Scott DiSavino NEW YORK (Reuters) -Oil prices climbed about 3% to a seven-week high on Wednesday as a surprise drop in U.S. weekly crude inventories added to a sense in the market of tightening supplies amid export issues in Iraq, Venezuela and Russia. Brent futures rose $1.68, or 2.5%, to settle at$ 69.31 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose $1.58, or 2.5%, to settle at$ 64.99. That was the highest close for Brent since August 1 and WTI since September 2. U.S. crude ...