2023.02.0108:45:00UTC+00Oil Edges Higher In Cautious Trade

Oil prices were slightly higher on Wednesday after having rebounded from early weakness to settle on a firm note on Tuesday.

Benchmark Brent crude futures edged up 0.1 percent to $85.53 a barrel, while WTI crude futures were up 0.3 percent at $79.09.

Oil prices received some support today after data showed that demand for U.S. crude and petroleum products rose in November.

Improved manufacturing data from China also bolstered hopes for demand recovery in the world's second-largest economy.

The upside remained capped somewhat after industry body American Petroleum Institute (API) reported large crude and product builds.

Crude oil inventories rose by another 6.33 million barrels last week on top of last week's 3+ million-barrel build, the API report revealed.

The U.S. Energy Information Administration will release official stockpiles data later in the day.

Investors also awaited the outcome of an OPEC+ meeting along with a slew of central bank decisions for directional cues.