LONDON—Oil prices were little changed 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.
Brent futures dipped 1 cent to $79.39 a barrel by 1039 GMT, and U.S. West Texas Intermediate (WTI) crude edged 8 cents higher to $74.91 a barrel.
“Fundamentally, we should reach a supply deficit situation in the third quarter, but whether that is trumped by recession concerns and cautious sentiment around rate hikes remains to be seen,” DBS Bank’s lead energy analyst Suvro Sarkar said.
U.S. inflation data later on Wednesday will provide clues on the interest rate outlook in the world’s biggest economy….