Oil Up in Asia As Supply Tightens By Investing.com

Investing.com – Oil prices rose Wednesday morning in Asia with investors weighing supply tightness of gasoline against the possibility of economic slowdowns and continued lockdowns in China.

rose $1.26, or 1.14%, to $111.95 a barrel by 1:28 AM ET (5:28 AM GMT) and were up 1.22%, to $111.11.

Oil inventories in the U.S. rose last week but gasoline stocks fell, according to Inventories of crude increased by 567,000 barrels for the week to May 10, that was a surprise increase and contrasted with a 2.4 million barrel draw the week earlier. Analysts had been expecting a decrease in inventories of 690,000 barrels.