Singapore — Oil prices edged up on Tuesday, lifted by tension in the Middle East, although rising output in the US and shaky stock markets put a lid on further gains. US West Texas Intermediate (WTI) crude futures were at $62.31 a barrel at 1.28am GMT, up 25c, or 0.4%, from their previous close. Brent crude futures were at $66.26 a barrel, up 21c, or 0.3%. Traders pointed to concerns in the Middle East, where the US may reimpose sanctions on Iran, as well as tension between Saudi Arabia and Iran. Worry about Venezuela’s tumbling crude production also supported oil markets. The International Energy Agency (IEA) said last week that Venezuela, where an economic crisis has cut oil production by almost half since early 2005 to well below 2-million barrels a day, was "clearly vulnerable to an accelerated decline", and that such a disruption could tip global markets into deficit. Falls on global share markets helped cap gains. Markets are under pressure from the concern over a possible tra...
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