Oil Stuck Between Supply Strains and Economic Doubt

Oil, miniatures of oil barrels, oil pump jack and U.S. dollar banknote are seen in this illustration taken on June 6, 2023. Dado Ruvic/Reuters

LONDON—Oil prices were little changed on Wednesday in a market caught between expectations supply cuts by the world’s biggest fuel exporters will drive prices higher and concerns global economic weakness will sap demand.

Brent futures dipped 1 cent to $79.39 a barrel by 1039 GMT, and U.S. West Texas Intermediate (WTI) crude edged 8 cents higher to $74.91 a barrel.