By David Ho

Investing.com – Oil was up on Wednesday morning in Asia, as investors await US and China economic data.

The price rose by 1.38% to $103.87 at 10:24 pm ET (2:24 GMT) and then jumped 1.27% up to $101.03.

Investors will be keeping an eye on China’s April factory gate prices and the . Oil and commodities that are priced in dollars like oil will be affected by a stronger dollar.

In addition, the oil market has been shaken in recent times by Russia’s invasion of Ukraine and across China. Inflation has been stoked by the war, which is driving up fuel and food prices. In the US, retail gasoline sales were up by a record amount in advance of summer driving season.

After an impressive start to the year, oil prices are up by more than 30% thanks to the economies that have recovered from the pandemic. Saudi Arabian and United Arab Emirates officials cautioned against the fact that there is less capacity in many energy sector due to producers cutting investment. This drives up oil prices.

According to data sources, the American Petroleum Institute said that crude oil stocks in America increased by 1.62 Million barrels. Also, fuel inventories are increasing.