API shows crude stocks rise in latest week sources
Biden39;s visit to the Middle East in focus
Coming up EIA supply report, U.S. inflation data

LONDON, July 13 Reuters Oil edged up on Wednesday, a day after settling below 100 a barrel for the first time since April, and gains were limited by a U.S. supply report showing rising inventories and caution ahead of U.S. inflation data.

Despite a tight physical oil market, investors have sold oil futures on worries that aggressive rate hikes to stem inflation will slow economic growth and hit oil demand. Prices fell by more than 7 on Tuesday in volatile trade.

Brent crude was up 73 cents, or 0.7, at 100.22 a barrel at 0813 GMT. U.S. West Texas Intermediate crude gained 68 cents, or 0.7, to 96.52.

Although I don39;t rule out more downside surprises, I believe the recent selloff could be getting a little overdone, said Jeffrey Halley of brokerage OANDA.

Brent is down sharply since hitting 139 in March, close to the alltime high reached in 2008. Renewed COVID19 curbs in China have weighed on the market this week.

The worry is that this could lead to a lockdown, said Naeem Aslam at Avatrade of the Chinese COVID developments. In addition to this, traders are worried about economic slowdown around the globe.

On investors39; radar on Wednesday is the U.S. June consumer prices data, which economists expect to show that U.S. inflation has accelerated to 1.1 monthly and 8.8 annually.

And for the oil market, the latest U.S….