Oil edges higher, July 13

Update on oil prices 

Brent crude futures were up 24 cents, or 0.2%, at $99.73 a barrel at 0325 GMT. U.S. West Texas Intermediate crude gained 10 cents, or 0.1%, to $95.94.

Qazet.az reports that investors have sold oil positions on worries that aggressive interest rate hikes to stem inflation will spur an economic downturn that will hit oil demand. Prices fell by more than 7% on Tuesday amid volatile trading.