Crude oil climbs 1% to a five-month high amid tight gasoline supply

Gasoline stocks fell 7.7 million barrels, more than triple the 2 million-barrel drop analysts had expected

Oil prices rallied more than 1 per cent on Wednesday after US data showing a deep drawdown in gasoline stocks overshadowed crude inventories rising to 17-month highs, and as sanctions and blackouts in Venezuela helped tighten global supply.

International benchmark Brent futures rose $1.09 to $71.70 a barrel, or 1.5 per cent, by 10.22pm, after hitting a five-month high of $71.73 a barrel. Gasoline stocks, however, fell 7.7 million barrels, more than triple the 2 million-barrel drop analysts had expected.