Oil rises

London : Oil prices rose on Wednesday, supported by a drop in U.S. commercial crude inventories and the loss of storage capacity in Libya, with investors cautious ahead of a biannual meeting of OPEC exporters to decide production policy.

Benchmark Brent crude was up 70 cents at $75.78 a barrel by 0735 GMT.

U.S. light crude was 60 cents higher at $65.67. U.S. crude inventories fell by 3 million barrels to 430.6 million barrels in the week to June 15, according to an American Petroleum Institute report on Tuesday.

Traders said a drop in Libyan supplies due to the collapse of an estimated 400,000-barrel storage tank also helped push up prices.

Looming large over markets, however, were meetings on June 22-23 in Vienna of the Organization of the Petroleum Exporting Countries with other big producers, including Russia.