Singapore — Oil prices edged lower on Wednesday with the possibility of higher Opec output weighing on the market, although geopolitical risks are expected to keep prices near multi-year highs. Brent futures fell 43c, or 0.5%, to $79.14 a barrel by 2.18am GMT, after climbing 35c on Tuesday. Last week, the global benchmark hit $80.50 a barrel, the highest since November 2014. US West Texas Intermediate (WTI) crude futures eased 25c, or 0.4%, to $71.95 a barrel, having climbed on Tuesday to $72.83 a barrel, the highest since November 2014. "Looks like the market is pausing at current levels," said Michael McCarthy, chief market strategist at brokerage CMC Markets. "If sanctions are introduced against Iran, most of the Opec producers would like to be pumping more oil, particularly giving the higher prices." Oil cartel Opec might decide to raise oil output as soon as June due to worry over Iranian and Venezuelan supply and after Washington raised concerns the oil rally was going too far...
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