On Wednesday, the price of oil scarcely changed as markets balanced potential increases in U.S. crude stockpiles, economic worries, and planned supply curbs by the world's largest oil producers against expectations of increased global demand.

Brent crude futures dipped 6 cents to $79.34 per barrel meanwhile US WTI slumped 6 cents to $74.77 per barrel.

The world's largest economy's interest rate outlook was being closely watched by investors as they awaited U.S. inflation data on Wednesday. Higher rates can impede economic expansion and lower demand for oil.

According to the CME FedWatch tool, markets are currently pricing in a 92% chance of a 25-basis-point raise later this month.

U.S. crude stocks increased by around 3 million barrels in the week leading up to July 7, according to market sources who cited American Petroleum Institute industry data, an indication of weakening demand. Reuters polled analysts, who predicted a boost in crude stockpiles of 500,000 barrels.

The International Energy Agency and the U.S. EIA both predict that the market will become more competitive by 2024. In 2023 and 2024, respectively, the EIA predicted that worldwide demand would exceed supply by around 100,000 bpd and 200,000 bpd.