Oil prices remained stable on Wednesday as traders anticipated U.S. inflation figures that would probably affect the Federal Reserve's stance on interest rate hikes.

Brent crude advanced by 0.2% to $85.75 per barrel, while US WTI added 0.1%, to $81.63 per barrel.

In anticipation of the U.S. Federal Reserve completing its cycle of interest rate hikes, prices had surged by nearly 2% on Tuesday, making oil priced in dollars more affordable for customers using foreign currencies.

According to a Reuters poll of experts, core inflation in the United States increased 0.4% on a monthly basis and 5.6% on an annual basis in March.

The International Energy Agency's and OPEC's monthly reports, which are released on Thursday and Friday, respectively, will provide more insight into the market's expectations for oil demand and supply.

On Tuesday, the U.S. Energy Information Administration reduced its predictions for OPEC oil output for the remainder of 2023 by 0.5 million barrels per day and for the rise of global oil demand in 2023 by 40,000 bpd.