Crude oil prices edged up on Wednesday, buoyed by bargain hunting following a sharp selloff on Tuesday on worries that the global glut could last longer than expected . Brent crude, the global oil benchmark, rose 0.51% to $47.34 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.73% at $45.73 a barrel. “If you have a big selloff one day you usually have a slight recovery the next,” said Bjarne Schieldrop, chief commodities analyst at SEB Markets. He noted that low oil prices could help to put the brakes on production. “The oil price has to stay muted for now in order to avoid activation of more shale oil rigs. We don’t need more production,” said Mr. Schieldrop. Oil futures slumped 3% on Tuesday on a bearish demand growth projection from the International Energy Agency. It said […]