Oil holds steady
Oil prices stabilised on Wednesday ahead of Federal Reserve Chair Jerome Powell's congressional testimony later in the day and as data showing British inflation remained sticky raised the possibility of a hawkish Bank of England policy decision this week.
Brent futures were flat at $75.90 a barrel by 0929 GMT and US West Texas Intermediate (WTI) crude futures edged up 6 cents, or 0.08 per cent, to $71.25.
British inflation defied expectations that it would slow and held at 8.7 per cent in May, data showed on Wednesday, putting yet more pressure on the BoE a day before it is forecast to raise interest rates for the 13th time in a row.
"Countries are struggling to rein in inflation... and that's going to dampen growth and threaten recessions across the globe," said Craig Erlam, senior markets analyst at OANDA.
The main market focus is on Fed officials due to speak later in the day, with Chair Powell's congressional testimony on the economy on Wednesday and Thursday the highlight.
Two Fed policymakers and an economist nominated to join them on the central bank's Washington-based board on Tuesday said their focus is on bringing down too-high inflation so that the US economy can get back to sustainable growth, which could bolster oil demand.
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