After Jerome Powell, the chairman of the U.S. Federal Reserve, reiterated in a hawkish speech Wednesday that the central bank is working to reduce inflation to its objective of 2%, oil prices edged up marginally.

Brent crude edged 0.69% to $76.42 per barrel while US WTI added 1% at $71.90.

Analysts predicted that Powell's testimony will not dramatically deviate from what he stated in the press conference following the Fed policy meeting last week, repeating that the central bank's choices will be based on facts.

Oil demand might increase if the US economy experiences sustainable growth once more. A likely reduction in U.S. crude stockpiles also supported oil prices, with five analysts surveyed by Reuters estimating, on average, that stockpiles dropped by approximately 400,000 barrels in the week leading up to June 16.

However, after British inflation defied expectations that it would slow, price increases were restrained, according to statistics released on Wednesday. The rate stayed the same in May at 8.7%, raising hopes that the Bank of England will increase interest rates by a significant half-point on Thursday.