Ammon News - Oil prices inched up on Wednesday as investors considered supply risks after the U.S. barred Chevron (CVX.N), opens new tab from exporting crude from Venezuela under a new asset authorisation, though expectations of more output from OPEC+ continued to limit gains.

Brent crude futures rose 25 cents, or 0.4%, to $64.34 a barrel by 0345 GMT, while U.S. West Texas Intermediate crude gained 24 cents, or 0.4%, at $61.13 a barrel.

However, price gains were capped on Wednesday amid expectations that OPEC+ will decide to increase output at a meeting this week.

A full meeting of the Organization of the Petroleum Exporting Countries and allies, together known as OPEC+, is scheduled for Wednesday, though no policy changes are expected. A July output hike could be decided on Saturday when eight members of the group hold talks, according to sources.

"Oil prices have moved only marginally in the last couple of sessions as the industry largely braces for an oversupplied second half of the year," said Priyanka Sachdeva, senior market analyst at Phillip Nova.

The market also found some support after Trump said earlier this week he was weighing new sanctions on Russia.
Ukraine is overhauling its minerals sector, aiming to attract billions of dollars of investment from a minerals deal with the U.S.

"This increases the risk of further sanctions against Russia, putting Russian energy flows at risk," said ING commodities strategists on Wednesday. Reutres