Oil Steadies as Market Awaits Key US Inflation Data

A general view shows an oil rig used in drilling at the Zubair oilfield in Basra, Iraq, on July 5, 2022. Essam Al-Sudani/Reuters

Oil prices steadied Wednesday as the market waited for U.S. inflation data later in the day that will likely influence the Federal Reserve’s policy on interest rate hikes.

Brent crude gained 14 cents, or 0.2 percent, to $85.75 a barrel by 0917 GMT, while U.S. West Texas Intermediate rose 10 cents, or 0.1 percent, to $81.63 a barrel.