Oil Prices Advance Despite US Inventory Rise

A worker collects a crude oil sample at an oil well operated by Venezuela's state oil company PDVSA in Morichal, Venezuela, on July 28, 2011. Carlos Garcia Rawlins/Reuters

LONDON—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 $1.01, 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.