Oil prices inched up today nearing their highest level in almost two months, driven by forecasts for an eventual inventory drawdown during the third quarter peak summer demand season and geopolitical risks from the Middle East conflict.

Brent crude was up by 0.47 percent, to 85 dollars and 41 cents per barrel. The U.S. West Texas Intermediate (WTI) crude rose 0.56 percent, to 81 dollars and 28 cents per barrel, when reports last came in.