London — Oil edged higher on Wednesday, nearing the three-year highs reached on Tuesday, as rising US fuel inventories and production weighed on an otherwise bullish market. Overall, the environment for oil is bullish. Supplier cutbacks, steady demand growth, geopolitical tension and a favourable structure in the futures market have attracted record investment in oil this year. A rise in US government borrowing costs to their highest since 2013 this week has tempered some investor appetite for risk, but analysts said they believed Brent crude may have another attempt at marking new 2018 highs above $75 a barrel. Weekly data on Tuesday that showed a rise in US crude inventories also subdued the oil price somewhat. Brent crude oil futures were last up 12c at $73.98 a barrel at 9.37am GMT, about 2% below the November-2014 high of $75.47 reached on Tuesday. US West Texas Intermediate (WTI) futures were up 17c at $67.87 a barrel. "There’s a good chance we try again to break $75 again. We...
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