Oil inched higher despite expectations of large interest rate hikes

International benchmarks for crude oil edged higher on Wednesday, 13 July 2022 as traders took a breather from the overselling in the previous session. However, the gloomy demand outlook continues to weigh on the market. The Federal Reserve is expected to raise key interest rates by 75 basis points to stem inflation, which would slow growth and curb demand.

Brent gained 8 cents to settle at $99.57/barrel. 

WTI added 46 cents to close at $96.30/barrel.