Oil remained beneath $96 per barrel Wednesday, as the hotter than expected CPI report came out and spooked investors over the future of the economy.

West Texas Intermediate closed just slightly higher Wednesday, after touching a three month low briefly during trading, and following a precipitous drop on Tuesday.

As concerns grow over the economy slowing, and the new inflation report coming out hotter than already elevated expectations, trading wiped out most of the gains produced since Russia’s invasion of Ukraine, which had driven the price per barrel over $130 in March. The concerns over the economic situation are presently overwhelming what Goldman Sachs Group Inc has identified as a very tight market.

President Joe Biden will be in the Middle East this week, and will visit Saudi Arabia, where he is expected to hold bilateral talks with Saudi King Salman bin Abdulaziz and his leadership team, including Crown Prince Mohammed bin Salman, to discuss sky-high energy prices.

US crude stockpiles increased by 3.25 million barrels over the last week. At the key storage hub in Cushing Oklahoma, Inventories expanded for the second week to 21.6 million barrels.