Oil climbs on demand hopes after big drawdown in U.S. crude stocks

An aerial view of Phillips 66 oil refinery in the United States.

Tayfun Coskun | Anadolu Agency | Getty Images

Oil prices rose in early trade on Wednesday after industry data showed a surprise drop in U.S. crude stockpiles, suggesting demand is holding up despite steep interest rate hikes dampening global growth.

Brent crude futures picked up 17 cents, or 0.1%, to $94.82 a barrel at 0014 GMT, while U.S. West Texas . . .