Oil prices edged higher on Thursday despite swelling U.S. crude inventories and record weekly U.S. production, as focus shifted back to OPEC supply cuts and the potential of new U.S. sanctions against Iran. Brent crude oil futures LCOc1 were at $73.56 per barrel at 0947 GMT, up 20 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were 25 cents higher at $68.18 per barrel. Prices were pulled down in earlier trading by a Wednesday report from the U.S. Energy Information Administration (EIA) showing a 6.2-million-barrel jump in U.S. crude inventories C-STK-T-EIA. But by European trading hours, the focus shifted to bullish factors, such as an increase in Saudi Arabia’s official selling price of its oil to Asia, according to Commerzbank analyst Carsten Fritsch. “It may signal […]