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Oil edges up as market awaits key US inflation data.

Oil prices edged up on Wednesday as the market waited for U.S. inflation data later in the day that will likely influence the Federal Reserve’s policy on future interest rate hikes.

Brent crude gained 19 cents, or 0.2%, to $85.80 a barrel as of 0615 GMT, while U.S. West Texas Intermediate rose 13 cents, or 0.2%, to $81.66 a barrel.

Prices had risen about 2% on Tuesday amid optimism that the U.S. Federal Reserve is getting closer to ending its cycle of interest rate hikes, making dollar-priced oil cheaper for buyers holding other currencies.