Oil inches higher in market stuck between supply strains and economic doubt

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Brent futures gained 26 cents to $79.66 a barrel by 0855 GMT, while U.S. West Texas Intermediate crude rose 28 cents to $75.11

Oil crept higher 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.

U.S. inflation data later on Wednesday will provide clues on the interest rate outlook in the world’s biggest economy. Nevertheless, forecasts from the U.S. Energy Information Administration and the International Energy Agency point to the market tightening into 2024.

 

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