New York — Oil prices edged higher in choppy trade on Thursday, supported by a pick-up in equity markets but pressured by expectations that crude supply will exceed demand later this year. West Texas Intermediate (WTI) crude futures rose 36c to $61.32 a barrel, a 0.6% gain, by 3.11pm GMT. Brent crude futures for May delivery gained 30c to $65.19 a barrel. Oil rose in tandem with a pick-up in US stock markets. Crude futures have moved in sync with equities uninterruptedly for the past 99 trading days, the longest such stretch in two years. The S&P 500 stock index rose 0.3%. Prices bounced around after the US announced new sanctions against Russian individuals and groups, including Moscow’s intelligence services and a Russian propaganda organization. "The rising tensions between the West and Russia raise the potential for reduced trade flows and economic activity, which would diminish energy demand growth," said John Kilduff, partner at investment manager Again Capital in New York. Ri...
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