Oil prices advance despite U.S. inventory rise | Reuters

Oil prices advance despite U.S. inventory rise | Reuters

Oil prices rose on Wednesday, despite a likely rise in U.S. oil stocks, on the easing of Chinese COVID-19 related lockdowns and a possible strike by Norwegian oil workers.

Brent crude futures were up $1.19, or 1%, at $121.76 a barrel at 1325 GMT. U.S. West Texas Intermediate crude was at $120.37 a barrel, up 96 cents, or 0.8%.

"Despite the API report showing builds for crude and oil products, oil prices are higher, supported by expectation of China easing the COVID restrictions, translating in higher demand and imports this summer," UBS analyst Giovanni Staunovo said.

A number of Norwegian oil workers plan to strike from June 12 over pay, putting some crude output at risk of shutdown. read more