WASHINGTON (dpa-AFX) - Oil prices edged higher on Wednesday after seeing heavy losses in the previous session on concerns about a global economic slowdown and growing COVID-19 cases in China.
The upside, however, remained capped ahead of a highly anticipated U.S. inflation report due later in the day.
Economists forecast headline inflation accelerated to 8.8 percent year-on-year in June, marking a 40-year high.
Benchmark Brent crude futures rose 0.6 percent to $100.09 a barrel in European trade while WTI crude futures were up 0.7 percent at $96.52.
Both contracts plunged over 7 percent on Tuesday to end below $100 a barrel for the first time since April.
Traders await the latest U.S. supply report from the Energy Information Administration after industry data showed a large inventory build.
The American Petroleum Institute reported late Tuesday that U.S. crude stocks rose by about 4.8 million barrels for the week ended July 8, exacerbating fears of a wobble in oil demand.
Gasoline inventories rose by 2.9 million barrels and distillate stocks rose by 3.3 million barrels, the report showed.
Joe Biden will make his first visit as U.S. president to Saudi Arabia on Friday, where he will seek to persuade Riyadh to pump more oil to bring down prices.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2022 AFX News
