Oil edges higher after OPEC+ keeps to steady supply bump, U.S. stockpiles draw | Reuters

Oil edges higher after OPEC+ keeps to steady supply bump, U.S. stockpiles draw | Reuters

Oil prices edged up on Wednesday after OPEC+ stuck to planned moderate output increases despite pressure from top consumers to raise output more quickly.

Brent crude ended settling up 31 cents to $89.47 a barrel, while U.S. West Texas Intermediate crude gained 6 cents to $88.26 a barrel.

Global benchmark Brent has remained within striking distance of $90 for several days now, buoyed by ongoing concerns about tight supply across major world producers and steadily increasing demand. On Friday, both benchmarks hit their highest since October 2014, with Brent touching $91.70 and U.S. crude hitting $88.84.

The market has been unable to push higher, leading analysts to believe sellers have been jumping in to take profits at these levels despite bullish fundamentals. In a Wednesday note, Bank of America analysts said the market was vulnerable to short-term pullbacks after the year's gains so far.