Oil edged higher on Wednesday, with top exporter Saudi Arabia expected to raise prices for its crude as part of planned supply cuts, although a strong dollar and moderate economic growth prospects restricted gains. 

U.S. West Texas Intermediate (WTI) crude futures were trading at $52.65 per barrel at 0237 GMT, up 32 cents, or 0.6 %, from the last settlement. 

International Brent crude futures were up 32 cents, or 0.6 %, at $55.79 a barrel. 

Traders said the gains were due to an expected tightening of physical oil supplies, as major producers like the Organization of the Petroleum Exporting Countries (OPEC) plan to cut crude output from this month in an effort to end a global fuel glut that has dogged markets for over two years.Potentially reflecting a tightening market, top oil exporter Saudi Arabia is expected to raise the official selling price (OSP) for all its crude grades to Asia in February.