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Oil prices edged up on Wednesday, supported by ongoing supply cuts led by producer club OPEC and US sanctions against Iran and Venezuela, although gains were limited by concerns over economic growth, reports Reuters.
International Brent crude oil futures were at $67.79 a barrel at 0752 GMT, up 18 cents, or 0.3 per cent, from their last close. Brent on Tuesday touched its highest since Nov. 16 at $68.20 a barrel.
US West Texas Intermediate (WTI) crude futures were at $59.09 per barrel, up 6 cents, or 0.1 per cent, from their previous settlement. WTI on Tuesday reached its highest level since Nov. 12 at $59.57 a barrel.
Crude prices have risen by almost a third this year, pushed up by a move led by the Organisation of the Petroleum Exporting Countries (OPEC) to withhold around 1.2 million barrels per day (bpd) of supply as well as by US sanctions against oil exporters Iran and Venezuela.
"The shaky supply outlook with regard to Venezuela and Iran, as well as the petro-nations' output restrictions are top of mind in the oil market," said Norbert Ruecker, head of economics at Swiss bank Julius Baer.
Analysts said an economic slowdown could soon dent fuel consumption, holding back crude somewhat.
"Global growth concerns and ongoing oversupply fears (are) creating headwinds for the commodity," said Lukman Otunuga, analyst at futures brokerage FXTM.
Asian business confidence held near three-year lows in the first quarter as a US-China trade dispute dragged on, pulling down a global economy that is already on a downward path, a Thomson Reuters/INSEAD survey found on Wednesday.
Ruecker said oil prices were likely capped around $70 per barrel as fuel price inflation, as seen last year, would hit demand at that level.
At the same time, he said oil prices were supported above $50 per barrel as investment into US shale output growth would cease below that price.