Oil prices edge towards new highs on short supply | Reuters

Oil prices edge towards new highs on short supply | Reuters

Oil prices edged towards new multi-year highs on Tuesday, supported by a global supply shortage and strong demand in the United States, the world's biggest consumer.

Brent crude was flat at $86 a barrel by 1309 GMT. U.S. oil was up 20 cents, or 0.7%, to $83.96.

Goldman Sachs said Brent was likely to push above its year-end forecast of $90 a barrel, while Larry Fink, chief executive of the world's largest asset manager BlackRock, said there was a high probability of oil reaching $100. read more

"The fact that the market remains tight should drive prices up," said Commerzbank analyst Carsten Fritsch.