Oil prices edge up on worries about Russian output and limited OPEC production increase

NEW YORK -Oil prices rose about 1% to a one-week high on Wednesday on worries the U.S. and Europe would keep sanctions on Russia for longer due to Moscow’s lack of progress on a peace deal with Ukraine, and on lingering support from the announcement of a smaller-than-expected output hike from the OPEC producer group next month.

Brent crude futures rose 86 cents, or 1.3%, to $66.31 a barrel at 11:05 a.m. EDT , while U.S. West Texas Intermediate crude rose 93 cents, or 1.5%, to $62.66.