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.
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