Oil prices advance despite US inventory rise

LONDON (Reuters) - 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%, at $121.58 a barrel at 09:27 GMT. US West Texas Intermediate crude was at $120.62 a barrel, up $1.21, or 1%.

"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.