Oil edges up

Oil prices rose about one per cent on Wednesday on worries about the conflict in the Middle East escalating. Limiting gains, the United States reported increa­sed crude stockpiles as demand worries stemming from gloomy economic prospects in Europe weigh. Brent futures rose $1.07, or 1.21pc, to $89.14 a barrel at 1:16 p.m. (1716 GMT). US West Texas Interme­diate (WTI) crude rose 69 cents to $83.74.