Oil prices edge up as supply concerns outweigh U.S. stockpile gains | Reuters

Oil prices edge up as supply concerns outweigh U.S. stockpile gains | Reuters:

Oil prices inched up on Wednesday as concerns that producers may not be able to cover a shortfall in supply once U.S. sanctions on Iran kick in outweighed a gain in U.S. stockpiles.

Brent crude futures were up 16 cents at $79.19 per barrel at 0658 GMT, after rising 1.3 percent in the previous session.

U.S. West Texas Intermediate (WTI) crude futures were up 20 cents, or 0.29 percent, at $70.05 a barrel, having climbed 1.4 percent the day before.