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Oil climbs toward 7-year highs on U.S. stock draw, eyes on OPEC+ move

Category: Economy

Date: 2022-02-02T06:05:47+0000
Oil climbs toward 7-year highs on U.S. stock draw, eyes on OPEC+ move

Shafaq News / Oil prices climbed on Wednesday toward last week's seven-year highs as a draw in U.S. crude stocks confirmed strong demand and a lack of supply, but investors remained cautious ahead of an OPEC+ meeting later in the day..

Brent crude LCOc1rose 17 cents, or 0.2%, to $89.33 a barrel by 0339 GMT, after easing 10 cents on Tuesday.

U.S. West Texas Intermediate crude CLc1 was up 16 cents, or 0.2%, at $88.36 a barrel, having gained 5 cents the previous day.

Tight global supplies and geopolitical tensions in Eastern Europe and the Middle East have boosted oil prices by about 15% so far this year. On Friday, crude benchmarks hit their highest prices since October 2014, with Brent touching $91.70 and U.S. crude hitting $88.84.

Source: Reuters

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