Oil prices edged up on Wednesday, extending 2 percent gains recorded the previous day, on signs that markets are gradually tightening after years of oversupply, although the outlook for 2018 remained less certain. U.S. West Texas Intermediate (WTI) crude futures were trading at $51.07 per barrel at 0127 GMT, up 15 cents, or 0.3 percent), from their last settlement. Their 2 percent rise the day before took them back above $50 a barrel.

Brent crude futures , the international benchmark for oil prices, were at $56.71, up 10 cents, or 0.2 percent, from their last close. Brent also rose 2 percent the previous day. Traders said they would look to the U.S. fuel inventory data on Wednesday and Thursday for indicators on price direction.

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