Oil prices rise despite US inventory rise, easing of Chinese COVID-19 lockdowns

Global oil prices rose on Wednesday on the easing of Chinese COVID-19 related lockdowns and a possible strike by Norwegian oil workers. Oil prices increased despite a likely rise in US oil stocks. Giovanni Staunovo, analyst at UBS, said, "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." Brent crude futures were up $1.01, or 0.8 per cent, at $121.58 a barrel at 0927 GMT. Several Norwegian oil workers have also planned a strike from June 12…