Crude oil prices rose in Asia on Wednesday morning as investors awaited economic data from the United States and China.
By 10:24 PM ET (2:24 AM GMT), Brent oil futures had risen 1.38 percent to $103.87 per barrel, while WTI crude oil futures had risen 1.27 percent to $101.03.
After a strong start, oil is still up more than 30 percent for the year, supported by economies recovering from the pandemic.
Investors will be watching China’s April factory gate prices and the US consumer-price index, as experts anticipate that the consumer price index report in April will show that inflation has already peaked — a development that some investors believe could temporarily calm markets.
A stronger dollar, in particular, has an impact on commodities priced in the currency, such as oil. Furthermore, the oil market has recently been shaken by Russia’s invasion of Ukraine and COVID-19 lockdowns across China.
The war has fueled inflation, increasing the cost of everything from food to gasoline. Retail gasoline in the United States reached a new high ahead of the summer driving season.