Oil Prices Edge Up As U.S. Supply Tightens, Iran Sanctions Loom

Oil prices edged up on Wednesday following a report of tightening U.S. fuel inventories amid an outage at Syncrude Canada oil sands facility in Alberta, which usually supplies the United States.

Prices were also pushed up by looming U.S. sanctions against Iran, which threaten to cut supplies to an already tight market despite pledges by producer cartel OPEC to raise output to make up for the disruptions.

U.S. West Texas Intermediate (WTI) crude futures rose 46 cents, or 0.6 percent, to $74.60 a barrel at 0343 GMT, compared with their last settlement. On Tuesday, WTI hit its highest since November 2014 at $75.27.

Brent crude futures were changing hands at $78.10 per barrel, up 34 cents, or 0.4 percent, from their last close.

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Suhani Verma

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