Brent Prices Edge Higher

Brent crude edged up on Wednesday as geopolitical tensions in Europe and the Middle East raised supply concerns while investors locked in profits ahead of updates from the US Federal Reserve and US oil inventory data.
Brent crude futures edged up 13 cents, or 0.2%, at $88.33 a barrel, paring losses earlier in the session. 
WTI crude futures slipped 12 cents, or 0.1%, to $85.48 a barrel, having climbed 2.8% on Tuesday, Reuters reported.
Oil prices hit seven-year highs last week on worries that supplies could tighten due to Ukraine-Russia tensions.
US President Joe Biden said on Tuesday he would consider personal sanctions on President Vladimir Putin if Russia invades Ukraine, while Western leaders stepped up military preparations and made plans to shield Europe from a potential energy supply shock.  
Concerns about the Middle East also rose on Monday, when Yemen's Iran-aligned Houthi movement launched a missile attack on a UAE base hosting the US military. The attack was thwarted by US-built Patriot interceptors, US and Emirati officials said.  
"The market downside is limited due to heightened tensions between Russia and Ukraine and the threat to infrastructure in the UAE," Hiroyuki Kikukawa, general manager of research at Nissan Securities, said.