Oil prices climbed on Wednesday toward last week's seven-year highs as a draw in U.S. crude stocks confirmed strong demand and tightsupplies, but investors remained cautious ahead of an OPEC+ meeting later in the day.
Brent crude rose 11 cents, or 0.1%, to $89.27 a barrel by 0743 GMT, after easing 10 cents on Tuesday.
"OPEC+ is likely to maintain its policy unchanged, which means a supply shortage and an upward trend in oil prices will continue," he said. The Organization of the Petroleum Exporting Countries and allies, together known as OPEC+, will likely stick to existing policies of moderate output increases on Wednesday, five sources from the producers' group said, even as it expects demand to rise to new peaks this year and as oil prices trade near seven-year highs.But Goldman Sachs said there was a chance the oil market's rally would prompt a faster ramp-up.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Oil rises after draw in U.S. stocks, eyes on OPEC+ decisionOil prices rose on Wednesday towards last week's seven-year highs after data showing a fall in U.S. crude stocks underlined solid demand, but investors remained cautious ahead of an OPEC+ meeting due later in the day.
Les mer »
Why can’t oil-rich Mexico succeed in the oil business?My article published in Oil & Gas Journal on June 22, 1981, had the playful title “Eclipse of Mexican Light.” The title referred to the decline of...
Les mer »
WTI supported close to multi-year highs above $88.00 despite speculation of larger OPEC+ output hikeOil prices have continued to trade close to multi-year highs and within recently established ranges on Tuesday, with front-month WTI futures undulatin
Les mer »
WTI Price Analysis: Clinging onto 21-SMA on 4H ahead of OPEC+ meetingWTI (NYMEX futures) is posting small losses so far this Wednesday, although defending the $87 mark after repeated failures to at the $88 threshold ove
Les mer »
Gas prices climb for fifth straight week as oil surgesCurrently, the national average price for a gallon of gasoline is $3.34, up 6.8 cents from a month ago, according to GasBuddy.
Les mer »
Oil News and Forecast - FXStreetCheck our updated for Oil News including real time updates, technical analysis and the economic latest events from the best source of Forex News.
Les mer »