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Oil edges up as market weighs economy outlook, awaits stocks data

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Oil edged up after Brent crude posted its biggest single-day loss in seven weeks the day before, as market players reassess positions after the U.S. Federal Reserve stoked worries about the economy by suggesting further rate hikes ahead. | Reuters

The policymakers also suggested that a shift to smaller hikes would let them calibrate more closely with incoming data.

Lending some support to oil prices, Russia plans to cut oil exports from its western ports by up to 25 percent in March versus February, exceeding its announced production cuts of 500,000 barrels per day.

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