Oil prices edged higher on Thursday as prospects of further supply cuts offset weak economic data from China.Brent, the benchmark for two thirds of the world’s oil, was trading 0.78 per cent higher at $86.53 a barrel at 4.25pm UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 0.77 per cent at $82.26 a barrel. On Wednesday, Brent settled 0.43 per cent higher at $85.86 a barrel. WTI closed up 0.58 per cent at $81.63 a barrel. “Crude oil has re-established some upside momentum after the early August correction ran out of steam before damaging the technical setup,” said...…Oil prices edged higher on Thursday as prospects of further supply cuts offset weak economic data from China.Brent, the benchmark for two thirds of the world’s oil, was trading 0.78 per cent higher at $86.53 a barrel at 4.25pm UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 0.77 per cent at $82.26 a barrel. On Wednesday, Brent settled 0.43 per cent higher at $85.86 a barrel. WTI closed up 0.58 per cent at $81.63 a barrel. “Crude oil has re-established some upside momentum after the early August correction ran out of steam before damaging the technical setup,” said...WW…