Oil prices edged higher on Thursday and hovered near one-month highs on concerns about global supply, but new US tariffs and their expected effect on the world's economy limited gains.

Brent crude futures rose 9 cents, or 0.1%, to $73.88 a barrel by 1500 GMT. US WTI crude futures gained 20 cents, or 0.3%, to $69.85.

On Wednesday, oil prices rose about 1% to their highest since February.

Data on US crude inventories on Wednesday showed tighter US supplies, as stockpiles fell by 3.3 million barrels last week versus expectations for a 956,000-barrel draw.

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