Crude oil prices ticked up on Wednesday underscoring solid demand along with rational cautiousness ahead of OPEC+ meeting due later in the day.
Brent futures inched up by 0.26% to $89.40 per barrel while WTI inched up by 0.25% to $88.42 per barrel.
“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, as reported by Reuters.
“OPEC+ is likely to maintain its policy unchanged, which means a supply shortage and an upward trend in oil prices will continue,” he said.
