Oil prices barely moved on Wednesday as markets weighed a possible build in U.S. crude stockpiles and economic concerns against planned supply cuts by the world’s biggest oil exporters and hopes for higher global demand.
Brent futures fell 6 cents to $79.34 a barrel by 0615 GMT, and U.S. West Texas Intermediate (WTI) crude slipped 6 cents to $74.77 a barrel.
Investors were awaiting U.S. inflation data on Wednesday for clues on the interest rate outlook in the world’s biggest economy. Higher rates can slow economic growth and reduce oil demand.
Egdon Resources plc (LON:EDR) is an independent onshore focused oil and gas exploration and production business. An established oil and gas exploration and production business with 41 licences in proven oil and gas producing basins in the UK.