Oil prices edged up Wednesday ahead of weekly U.S. data that is expected to show a fall in stocks, while the reinstatement of the first phase of U.S. sanctions against major producer Iran also supported prices. Brent crude, the global oil benchmark, was up 0.1% to $74.70 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.1% at $69.22 a barrel. The U.S. Energy Information Administration is due to publish stocks-and-production data Wednesday, with analysts surveyed by The Wall Street Journal estimating inventories fell by 2.3 million barrels in the week ended Aug. 3. Industry group the American Petroleum Institute said its own data for the week showed a decrease of 6 million barrels in crude inventories. A rig operated by Fasken Oil and Ranch north of Midland, Texas. Photo: James Durbin for The Wall Street Journal Also […]