A possible strike by Norwegian oil workers and an easing of Chinese COVID-19 related lockdowns led to higher oil prices on Wednesday, despite a likely rise in U.S. oil stocks.
UBS analyst Giovanni Staunovo said that despite the API report showing buildups for crude and oil products, oil prices had risen, supported by expectations that China may ease COVID restrictions. This will result in a surge in demand and imports this summer.
Brent crude futures were up $1.01, or 0.8 percent, at $121.58 a barrel at 0927 GMT. U.S. West Texas Intermediate crude was at $120.62 a barrel, up $1.21, or 1 percent.
Workers in the Norwegian oil industry plan to strike over pay starting June 12. This could cause some crude to be produced to be stopped.
8 June 2022
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