June 28 Reuters Oil prices edged higher on Wednesday after industry data showed a largerthanexpected drawdown of U.S. inventories, signalling robust demand from the world39;s biggest oil consumer, but the gains were limited by worries over interest rate hikes.

Brent crude futures rose 34 cents, or 0.47, to 72.60 a barrel at 0626 GMT, while U.S. West Texas Intermediate WTI futures gained 26 cents, or 0.38, to 67.96 a barrel.

Both contracts had fallen by about 2.5 in the previous session on signals that central banks may not be done with interest rate hikes.

Tuesday39;s slump took Brent and WTI close to support levels that have held through the price dives of the past couple of months, said Vandana Hari, founder of oil market analysis provider Vanda Insights. The floor is being tested again whether it holds, remains to be seen.

Brent39;s sixmonth spread a price structure in which soonerloading contracts trade above laterloading ones was at its lowest in six months.

But the twomonth spread was in the opposite price position, called contango.

A widening contango at the prompt end and a weakening backwardation along the Brent and WTI forward curves signals growing market perception of oversupply, Hari said.

Crude stocks fell by about 2.4 million barrels in the week ended June 23, according to the market sources, citing data from industry group American Petroleum Institute. Analysts had expected a draw of 1.76 million barrels. U.S. government data on stockpiles is…