Brent, WTI Prices Edge Up

Oil prices rose more than $1 a barrel in early Asian trade on Wednesday on hopes of demand recovery in China, as the country gradually eases some of its strict Covid-19 containment measures. 
Brent crude futures were up $1.15, or 1.0%, at $113.08 a barrel, while US West Texas Intermediate crude futures climbed $1.62, or 1.4%, to $114.02 a barrel, paring some losses after oil prices fell by around 2% in the previous session, Reuters reported.
Shanghai achieved its long-awaited milestone of three consecutive days with no new Covid-19 cases outside quarantine zones on Tuesday and set out plans on Monday for ending a lockdown that has lasted more than six weeks. 
“Beyond the near term, less awful news on China offers a nip in the tail in the form of much higher oil demand and prices, which is positive for producers, but harmful for consumer sentiment,” SPI Asset Management Managing Director Stephen Innes said in a client note.
US crude and gasoline stocks fell last week, market sources said, citing American Petroleum Institute figures on Tuesday. 
US government data are due on Wednesday.