Oil prices ticked up on Wednesday, holding steady near a 10-month high hit during trade the previous day as the market balanced supply concerns regarding Libya's output and OPEC+ curbs with macroeconomic headwinds throughout the world.

Brent futures soared by 0.1%, to $92.14 per barrel meanwhile US WTI advanced by 0.2% to $88.97 per barrel.

The news that OPEC member Libya had to close four of its oil export ports in its eastern region because of a devastating storm also helped to support oil prices, he continued.

In spite of challenges including high interest rates and higher inflation, the Organization of the Petroleum Exporting Countries (OPEC) maintained its predictions for strong growth in the world's oil consumption in 2023 and 2024.

In order to maintain tight supplies, Saudi Arabia and Russia last week agreed to prolong their voluntary production curbs by a total of 1.3 million bpd through the end of the year. Producers from OPEC, Russia, and allies are referred to as OPEC+.

The year-over-year core consumer price index increase is anticipated to drop to 4.3% in August from a 4.7% jump in July, according to U.S. inflation statistics scheduled on Wednesday. Investors will be paying close attention to whether a weaker core inflation figure will be enough for the Federal Reserve to keep interest rates steady into the following year.