Oil edges higher after slide below $100
Oil edged up on Wednesday, a day after settling below $100 a barrel for the first time since April, and gains were limited by a U.S. supply report showing rising inventories and caution ahead of U.S. inflation data.
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Despite a tight physical oil market, investors have sold oil futures on worries that aggressive rate hikes to stem inflation will slow economic growth and hit oil demand. Prices fell by more than 7 per cent on Tuesday in volatile trade.
Brent crude was up 73 cents, or 0.7 per cent, at $100.22 a barrel at 0813 GMT. U.S. West Texas Intermediate crude gained 68 cents, or 0.7 per cent, to $96.52.
"Although I don't rule out more downside surprises, I believe the recent selloff could be getting a little overdone," said Jeffrey Halley of brokerage OANDA.
Brent is down sharply since hitting $139 in March, close to the all-time high reached in 2008. Renewed COVID-19 curbs in China have weighed on the market this week.
"The worry is that this could lead to a lockdown," said Naeem Aslam at Avatrade of the Chinese COVID developments. "In addition to this, traders are worried about economic slowdown around the globe."
On investors' radar on Wednesday is the U.S. June consumer prices data, which economists expect to show that U.S. inflation has accelerated to 1.1 per cent monthly and 8.8 per cent annually.