Oil prices steadied Wednesday as the market waited for U.S. inflation data later in the day that will likely influence the Federal Reserve’s policy on interest rate hikes.
Brent crude gained 14 cents, or 0.2 percent, to $85.75 a barrel by 0917 GMT, while U.S. West Texas Intermediate rose 10 cents, or 0.1 percent, to $81.63 a barrel.
Prices had risen about 2 percent on Tuesday amid optimism that the U.S. Federal Reserve is getting closer to ending its cycle of interest rate hikes, making dollar-priced oil cheaper for buyers holding other currencies.
The U.S. consumer price index is expected to show March core inflation rose 0.4 percent on a monthly basis and 5.6 percent year-on-year, according to a Reuters poll of economists….