Oil prices edge higher

Oil prices made gains on Wednesday, rebounding from losses earlier in the session amid concerns over fuel demand and the broader economy ahead of an expected big hike in interest rates by the U.S. Federal Reserve.

In volatile trading Brent crude futures for August were up 15 cents, or 0.1%, at $121.32 a barrel as of 0422 GMT after falling to as low as $120.65 earlier in the session on the back of a 0.9% decline on Tuesday.

U.S. West Texas Intermediate crude for July rose 15 cents, or 0.1%, to $119.08 a barrel, after hitting a low of $118.22 earlier in the day, having dropped 1.7% a day earlier.