Oil holds ahead of US inventories data

Oil prices held on Wednesday, as the dollar fell against most of its peers, ahead of the US inventories data.

Commodity prices spiked recently, led by oil, metals, natural gas and others, due to strong demand and a drop in supply.

Data showed today that the US consumer price index rose 0.4% during September, beating forecasts of 0.3%.

The core consumer price index reading (excluding energy and food prices) rose 0.2% last month as expected.

The American Petroleum Institute will release its preliminary report on the US crude inventories later today, and the US Energy Information Administration will release the official data on Wednesday.

As of 16:37 GMT, WTI crude November futures rose less than 0.1% to $80.6 a barrel

Brent December futures held at $83.4 a barrel.