0724 GMT – Oil prices edge higher on supply concerns and signs pointing to strengthening U.S. demand. Brent crude oil gains 0.4% to $78.44 a barrel while WTI rises 0.7% to $73.70 a barrel. The continued closure of a key pipeline for Iraqi oil is supporting prices, Warren Patterson, head of commodity strategy at ING, says. The pipeline handles around 400,000 barrels a day of oil. “Supply concerns continue to prop up prices,” Patterson says in a note. Data on U.S. crude stocks reportedly showed a large drawdown following weeks of rising inventories. U.S. crude stocks slumped by over 6 million barrels a day, according to API data. (william.horner@wsj.com)
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