By Nicholas Earl Oil prices edged up today, even though both major benchmarks remain weighed down by fears of a drawn-out economic downturn and reduced demand worldwide. Brent Crude and WTI Crude prices climbed 1.23 and 0.98 per cent respectively, ticking upwards following news Russian pipeline monopoly Transneft said Ukraine had suspended oil flows via the pipeline leg because Western sanctions had prevented a payment from Moscow for transit fees from going through. General concerns over tight supplies have kept oil prices historically elevated, with markets also buttressed by news the that o…