Oil gains 3 percent on tighter U.S. supply, Venezuela sanctions
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NEW YORK (Reuters) - Oil prices rose nearly 3 percent on Wednesday, boosted by U.S. government data that showed signs of tightening supply, as investors remained concerned about supply disruptions following U.S. sanctions on Venezuela's oil industry. U.S. crude futures rose $1.52 to $54.83 a barrel, a 2.9 percent gain, by 11:45 a.m. EST (1645 GMT). Brent crude futures gained $1.23, or 2 percent, to $62.55 a barrel.Prices extended gains after government data showed U.S. crude oil stockpiles rose..