Global crude oil prices edged up on Wednesday as geopolitical tensions in Europe and the West Asia raised supply concerns while investors locked in profits ahead of s from the US Federal Reserve and US oil inventory data. Brent crude oil futures edged up 0.2 percent at 88.33 dollars a barrel.
The prices had jumped 2.2 per cent in the previous session. US crude was flat at 85.48 dollars a barrel after climbing 2.8 per cent on Tuesday.
The Fed is expected to firm up plans to raise interest rates and shrink its holdings of US Treasury bonds and mortgage-backed securities, which have swollen its balance sheet to about 9 trillion dollars.
Oil prices hit seven-year highs last week on worries that supplies could tighten due to Ukraine-Russia tensions and worries about the conflict in Yemen.
US President Joe Biden said he would consider personal sanctions on President Vladimir Putin if Russia invades Ukraine, while Western leaders stepped up military preparations and made plans to shield Europe from a potential energy supply shock.
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