Oil prices edged higher on Wednesday on supply concerns with the U.S. stepping up efforts to limit Venezuelan and Iranian oil exports, while a bigger-than-expected drop in U.S. crude inventories also lent support.

Brent crude futures gained 15 cents, or 0.21%, to $73.22 a barrel by 0723 GMT, while U.S. West Texas Intermediate crude futures rose 16 cents, or 0.23%, to $69.16 a barrel.