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0040 GMT — Oil edges lower in early Asian trade. Demand concerns have outweighed supply risks from rising tensions in the Middle East, the ANZ Research team writes in a note. U.S. government data showed declining gasoline demand and jet fuel consumption, they note. The possibility of a hard economic landing was also weighing on sentiment as reflected in speculative net long positions in Brent futures which have turned bearish for the first time, they add. Front-month WTI crude oil futures are down 0.3% at $70.167/bbl; front-month Brent crude oil…