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

Oil climbs toward 7-year highs on U.S. stock draw, eyes on OPEC+ move
# 02 February 2022 08:41 (UTC +04:00)

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, APA reports quoting Reuters .

Brent crude rose 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 was up 16 cents, or 0.2%, at $88.36 a barrel, having gained 5 cents the previous day.

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