By Gina Lee

Investing.com – Oil was up on Wednesday morning in Asia, even as a strengthening prompted fresh selling. However, a rise in stocks and an increase in Shanghai prices fueled concerns about demand.

By 11:25 ET (3:30 AM GMT), the dollar was at $106.91. Crude oil WTI futures were up 0.2% to $101.98. Brent futures declined 0.8% while WTI lost 1.3%. The dollar hit its highest level for almost two decades on Tuesday.

“Higher dollar, an increase in U.S. crude stockpile and concerns over weaker demand in China due to Shanghai’s continued lockdown added to pressure,” Nissan Securities general manager of research Hiroyuki Kikukawa told Reuters.

According to him, “Oil prices are likely to remain around $100 per barrel for a while due demand concerns and an expectation that there will be no conflict in Middle East during Ramadan. But they might rise again after Ramadan begins and as the U.S. Driving season starts.”

Tuesday’s also showed a build of 1.08 million barrels for the week ended Mar. 31. Investing.com forecasts a draw of 1.558 Million Barrels. A draw of 3,000,000 barrels was also reported in the week before.

Now, investors are waiting on a report due later today.

Asia Pacific is experiencing fuel shortage concerns as China, one among the largest oil importers worldwide, has extended its lockdown to Shanghai.

Black liquid also gained momentum from the prospect of new sanctions being imposed on Russia in response to its Feb. 24 invasion of Ukraine. A new round of sanctions is being planned by the U.S. (EU), Group of Seven, and European Union. It will be used to address alleged war crimes in Ukraine committed by Russian troops.

Three sources confirmed to Reuters that members of the International Energy Agency were discussing the amount of oil they would release. An announcement is expected in the next few days.