Elsewhere, the latest escalation in the tit-for-tat trade war between the United States and China stoked worries over global economic growth and demand for oil.
U.S. West Texas Intermediate (WTI) crude CLc1 gained 94 cents to settle at $69.85 a barrel, a 1.4 percent increase.
Oil prices inched up on Wednesday as concerns that producers may not be able to cover a shortfall in supply once USA sanctions on Iran kick in outweighed a gain in US stockpiles.
OPEC and non-OPEC producers Russian Federation started withholding oil supplies in 2017 to end a global glut and prop up prices.
-China trade tensions even as U.S. President Donald Trump is said to want $200 billion in China tariffs despite talks with Beijing.
Brent crude, the global benchmark, was up 0.7% to $78.61 a barrel on London's Intercontinental Exchange.
In addition to these obvious supply issues, trade disputes and financial woes in emerging market countries may affect crude demand.
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The OPEC Chief did not specify how crude producers would compensate for declining exports from Iran, with new United States sanctions due to hit the Islamic republic's oil industry on November the 4th.
"The market's expectation of shortages has cooled after data from last week showed increases in supplies, while investors have lowered the outlook for oil demand", said Wang Xiao, head of crude research with Guotai Junan Futures.
Meanwhile, an industry report Tuesday showed USA crude stockpiles increased 1.25 million barrels last week, defying expectations for a decline ahead of government data Wednesday. The world's biggest crude exporter believes it may no longer be possible to avoid higher prices as USA sanctions on Iranian exports crimp supply, according to people familiar with Saudi Arabia's view.
Meanwhile, oil output from seven major U.S. shale formations is expected to rise by 79,000 barrels per day to 7.6 million bpd in October, the U.S. Energy Information Administration said Monday.
Technical analysis from Reuters market analyst Wang Tao showed that USA oil prices have repeatedly failed to overcome a resistance level of $69.85 per barrel, signalling a dissipation of positive outlook.
USA crude stockpiles rose by 1.2 million barrels to 397.1 million in the week to September 14, the American Petroleum Institute said.
On Monday, Russia's Energy Minister Alexander Novak said that OPEC and non-OPEC members would discuss all possible supply scenarios when they meet this month in Algeria.