Oil rises after draw in US stocks, eyes on OPEC+ decision

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TOKYO : Oil 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.Brent crude climbed 36 cents, or 0.4per cent, to $89.52 a barrel by 0123 GMT, aft

TOKYO : Oil 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.

U.S. West Texas Intermediate crude was up 38 cents, or 0.4per cent, at $88.58 a barrel, having gained 5 cents the previous day. "A drop in U.S. crude inventories provided support, though an increase of gasoline stocks partially offset bullish sentiment," said Satoru Yoshida, a commodity analyst with Rakuten Securities.

U.S. crude stocks fell by 1.6 million barrels for the week ended Jan. 28, against analysts' estimate of an increase of 1.5 million barrels, according to market sources citing American Petroleum Institute figures on Tuesday.

 

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