Oil prices up on Middle East tensions, Chinese economic concerns limit gains

Oil prices edged higher on Tuesday following a more than 1 per cent drop in the previous session as escalating tensions in major producing region the Middle East fueled supply concerns, though a bleak Chinese economic outlook limited gains. March Brent crude futures, which are due to expire on Wednesday, rose 8 cents, or 0.1 per cent, to $82.48 a barrel by 1059 GMT. The more active April contract rose 13 cents, or 0.2 per cent to $81.96. U.S. West Texas Intermediate crude was up 24 cents, or 0.3 per cent, at $77.02 a barrel. Both contracts fell more than…