Oil gave up earlier gains on Wednesday to turn lower after the latest inflation report came in hotter than expected.
Brent crude declined 24 cents to $99.25 U.S. per barrel. U.S. West Texas Intermediate crude dipped 33 cents to $95.51 per barrel.
Brent is down sharply since hitting $139 U.S. in March, close to the all-time high reached in 2008. Renewed COVID-19 curbs in China have weighed on the market this week.
For the oil market, the latest U.S. supply report from the Energy Information Administration will be in focus. Analysts expect a decline in crude and gasoline inventories.
Still, according to figures from industry group the American Petroleum Institute, crude stocks rose about 4.8 million barrels, weighing on prices.
The market also is watching U.S President Joe Biden’s visit to the Middle East, where he is expected to ask Saudi Arabia and other Gulf producers to raise oil output to help stabilize prices.
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