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 LCOc1 was up 50 cents at $75.58 a barrel by 0835 GMT. U.S. light crude CLc1 was 50 cents higher at $65.57. 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. [API/S] 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 scheduled […]