Oil Ticks Up as Supply Concerns Outshine Macroeconomic Jitters

An aerial view shows Shibushi National Petroleum Stockpiling Base in Kagoshima prefecture, Japan, on Jan. 18, 2019. Kyodo/via Reuters

LONDON—Oil prices crept up on Tuesday as supply concerns from a hurricane hurtling towards the U.S. Gulf Coast limited bearish sentiment about the possibility of another U.S. interest rate hike undercutting demand.

Brent crude edged 63 cents higher at $85.05 a barrel by 1026 GMT, while U.S. West Texas Intermediate crude ticked up 57 cents to $80.67 a barrel.