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Oil climbs to its highest levels on the back of lower US inventories
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Oil prices jumped, on Wednesday, towards their highest levels last week in seven years, on the back of the withdrawal of US crude inventories, strong demand and a lack of supply, but investors remained cautious ahead of the OPEC + meeting later in the day.
Brent crude rose 29 cents, or 0.33 percent, to $89.45 a barrel by 04:51 GMT, after falling 10 cents on Tuesday.
US West Texas Intermediate crude rose 28 cents, or 0.32 percent, to $88.48 a barrel, after rising 5 cents the previous day.
Tight global supplies and geopolitical tensions in Eastern Europe and the Middle East have pushed oil prices up about 15% so far this year. Last Friday, benchmark crude prices recorded their highest prices since October 2014, as Brent touched $91.70 and US crude touched $88.84.
US crude stocks fell 1.6 million barrels for the week ending Jan. 28, but gasoline stocks rose 5.8 million barrels.
Five sources from the producer group said the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, are likely to stick to current policies of moderate production increases on Wednesday, even as they expect demand to rise to new peak levels this year and with oil prices trading near its highest levels in seven years.
Sources said that the meeting of the OPEC + technical committee on Tuesday did not discuss an increase of more than 40,000 barrels per day expected from March.
As tensions between Russia and the West have boosted crude oil prices, Russia, the world's second-largest oil producer, has been at loggerheads with the West over Ukraine, raising fears that energy supplies to Europe could be disrupted.
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