Oil extends gain as shrinking stockpile raises supply fears

Higher prices: A worker checks valves at the Al-Sheiba oil refinery in the southern Iraqi city of Basra. Oil has climbed more than 7 from the lows of mid-August. — Reuters

SINGAPORE: Oil extended gains near US$70 a barrel as shrinking crude inventories and slowing production growth in the US raised fears of an impending supply crunch.

Futures in New York climbed as much as 1.3% after posting the biggest gain in more than two months on Tuesday.