Oil prices edged up in early trading on Tuesday after U.S. crude broke below $40 per barrel the previous session, but traders said fuel markets continued to be dogged by excess production. U.S. West Texas Intermediate (WTI) crude was at $40.16 a barrel at 0148 GMT (9:48 p.m. ET on Monday), up 10 cents from its last close after dipping below $40 for the first time since April the previous session. International Brent crude oil futures were trading at $42.34 per barrel, up 20 cents from their last close. Despite the slightly higher prices early on Tuesday, analysts said that overproduction in crude as well as the refining sector was still weighing on markets. As a result, refiners will likely reduce orders for new crude feedstocks, putting more short-term downside pressure on prices, and instead start […]