Oil Climbs Toward 7-year Highs on US Stock Draw, Eyes on OPEC+ Move

Oil and gas tanks are seen at an oil warehouse at a port in Zhuhai, China, on Oct. 22, 2018. Aly Song/Reuters

LONDON—Oil prices climbed on Wednesday toward last week’s seven-year highs as a draw in U.S. crude stocks confirmed strong demand and tight supplies, but investors remained cautious ahead of an OPEC+ meeting later in the day.

Brent crude rose 23 cents, or 0.26 percent, to $89.39 a barrel by 1050 GMT, after easing 10 cents on Tuesday.