Oil prices inched higher in early trade on Wednesday as OPEC stuck to forecasts for robust global fuel demand growth, offsetting concerns of another U.S. Federal Reserve interest rate hike next week after consumer prices unexpectedly rose in August.
Brent crude futures rose 3 cents to $93.20 a barrel by 0116 GMT, after settling 0.9% lower on Tuesday. U.S. West Texas Intermediate crude was at $87.41 a barrel, up 10 cents, or 0.1%.
Oil prices were also supported by reports that the U.S. Biden administration was considering refilling its strategic oil reserve, as well as lower market expectations for a revival of the West's 2015 nuclear deal with Iran, said ANZ Research analysts in a note. Fed officials are set to meet next Tuesday and Wednesday, with inflation remaining way above the U.S. central bank's 2% target.
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