U.S. crude stocks fall, gasoline inventories rise API
OPEC seen holding policy despite price rally sources
Goldman 39;growing potential39; for faster OPEC output hike
Putin accuses U.S. of trying to lure Russia into war
TOKYO, Feb 2 Reuters Oil prices climbed on Wednesday toward last week39;s sevenyear 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.
U.S. West Texas Intermediate crude was up 14 cents, or 0.2, at 88.34 a barrel, having gained 5 cents the previous day.
Tight global supplies and geopolitical tensions in Eastern Europe and the Middle East have boosted oil prices by about 15 so far this year. On Friday, crude benchmarks hit their highest prices since October 2014, with Brent touching 91.70 and U.S. crude hitting 88.84.
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.
OPEC is likely to maintain its policy unchanged, which means a supply shortage and an upward trend in oil prices will continue, he said.
U.S. crude stocks fell by 1.6 million barrels for the week ended Jan. 28, against analysts39; estimate of an increase of 1.5 million barrels, according to market sources citing American Petroleum Institute…