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Oil Advances As Markets Eye Middle East Worries

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Oil prices edged higher on Thursday amid lingering Middle East tensions and after U.S. crude stocks dropped more than expected, but gains were stemmed by a fragile demand outlook amid more signs of slowing global economic growth. Brent crude futures rose 17 cents, or 0.27%, to $63.35 a barrel by 0300 GMT, after dropping 1% overnight - the first fall in four sessions. U.S. West Texas Intermediate crude was up 18 cents, or 0.3%, at $56.06 a barrel, having dropped 1.6% in the previous session.

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