Oil prices advance

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

Brent crude futures were up $1.01, or 0.8 per cent, at $121.58 a barrel at 0927 GMT. US West Texas Intermediate crude was at $120.62 a barrel, up $1.21, or 1 per cent.

"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.