Oil edges back from early gains, but prices still supported


By Libby GeorgeLONDON (Reuters) - Oil prices weakened following early gains on Wednesday, but remained underpinned by tightening supply and strong global demand.Tighter fundamentals have lifted both crude futures benchmarks about 13 percent above levels in early December, helped by production curbs by OPEC and Russia, as well as by healthy demand growth.Brent crude futures were at $68.90 a barrel at 1314 GMT, down 25 cents from the last close, after hitting $69.37.

Brent on Monday rose to $70.37 a barrel, its highest since December 2014.U.S..

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