Oil prices rise ahead of Fed meeting as Middle East conflict rages

Oil prices edged up in Asian trade on Wednesday ahead of key meetings of global central banks this week, including the U.S. Federal Reserve, while the market closely watched the latest developments in the Israel-Hamas conflict. Brent January crude futures rose 0.8 per cent, or 66 cents, to $85.68 a barrel by 0726 GMT, after falling more than 1 per cent on Tuesday. Brent December futures settled 4 cents lower at $87.41 a barrel at the contract's expiry on Tuesday. U.S. West Texas Intermediate crude futures gained 0.6 per cent, or 52 cents, to $81.54 a barrel after losing about…