Oil edges up as glut fears ease

LONDON, Nov 6 (Reuters): Oil prices regained a little ground on Thursday, buoyed by easing concerns over a potential supply glut as sanctions on Russian companies begin to bite.

Having closed the previous session at two-week lows, Brent crude futures gained 47 cents, or 0.7 per cent, to $63.99 a barrel by 1300 GMT while US West Texas Intermediate futures rose 51 cents, or 0.9 per cent, to $60.11.

The latest sanctions on Russia's biggest oil companies two weeks ago are sparking some concerns about supply disruptions, despite rising output from OPEC and its allies, analysts said.

Lukoil's operations at its foreign businesses are struggling in the face of the sanctions, Reuters reported this week.

"There is a little bit of an impact on prices (from the sanctions), but not a huge one," said Jorge Montepeque at Onyx Capital Group.

"Based on the numbers, it should be bigger, but the market still needs to be convinced there will be impact."