Benchmark oil prices rose modestly early Wednesday as investors weighed the US inflation data and awaited a weekly report on the country's fuel inventories, reported from Interfax.

The price of January futures for Brent on the London ICE Futures exchange amounted to $82.7 per barrel, $0.23 (0.28%) higher than the close of the previous session.

Quotes of WTI oil futures for December in e-trading on the New York Mercantile Exchange (NYMEX) increased by $0.18 (0.23%), amounting to $78.44 per barrel.

The growth rate of consumer prices (CPI) in the United States in October fell to 3.2% in annual terms from 3.7% in September, the Department of Labor reported. Core inflation (CPI Core index), which does not take into account the dynamics of food and energy prices, slowed to 4% from 4.1% a month earlier. The consensus forecast of experts surveyed by Trading Economics included a weakening of inflation to 3.3% and maintaining the growth rate of the CPI Core index at 4.1%.

Inflation data is closely monitored by the Federal Reserve when making monetary policy decisions.

Meanwhile, the day before, the International Energy Agency raised its forecast for global oil demand growth in 2023 by 113,000 barrels per day (b/d) to 2.367 million b/d. Thus, the organization expects global demand this year to be 101.96 million bpd.

Market participants also evaluate signals about changes in energy reserves in the United States.

According to the American Petroleum Institute (API), inventories in the United States rose by 1.34 million barrels last week. A week earlier, reserves jumped by 11.9 million barrels.





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