Oil Edges Higher; May Remain Under Short-Term Pressure

0057 GMT — Oil edges higher in the early Asian session amid possible position adjustments. However, oil prices could remain under short-term pressure in the absence of strong signals from the physical market, say ANZ research analysts in a research report. Investors have turned increasingly bearish about demand in developed markets, sparked by tighter monetary policy and the banking crisis, although this will likely be offset by slowing supply growth, the analysts add. Front-month WTI crude oil futures and Brent crude oil futures are each 0.1% higher at $68.65/bbl and $72.57/bbl, respectively. (ronnie.harui@wsj.com)