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Oil climbs toward 7-year highs ahead of OPEC meeting

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Tight global supplies and geopolitical tensions in Eastern Europe and the Middle East have boosted oil prices by about 15% so far this year.

Brent crude rose 11 cents, or 0.1%, to $89.27 a barrel this morning, after easing 10 cents yesterday.

"A drop in US crude inventories provided support, though an increase of gasoline stocks partially offset bullish sentiment," said Satoru Yoshida, a commodity analyst with Rakuten Securities. But gasoline inventories rose by 5.8 million barrels, above analysts' expectations for a 1.6 million barrel build.

 

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