Shanghai lets financial firms resume work as COVID curbs ease
Russian crude output fell in April OPEC report
EIA U.S. oil stocks data due on Wednesday
U.S. crude, gasoline stocks fell last week sources citing API

LONDON, May 18 Reuters Oil prices rose on Wednesday on expectations that easing COVID19 restrictions in China will boost demand and as supply concerns grew.

Brent crude was up 1.24 cents, or 1.1, at 113.17 a barrel at 0921 GMT, while U.S. West Texas Intermediate WTI crude climbed 1.69 cents, or 1.5, to 114.09 a barrel, reversing some of the previous session39;s losses.

Hopes of further lockdown easing in China boosted expectations for demand recovery. The country39;s authorities allowed 864 of Shanghai39;s financial institutions to resume work, sources said on Wednesday, a day after the Chinese city achieved a milestone of three consecutive days with no new COVID19 cases outside quarantine zones.

The market also saw support from rising supply concerns. Russian crude output in April fell by nearly 9 from the previous month, an internal OPEC report showed on Tuesday, as Western sanctions on Moscow following its invasion of Ukraine hit the top oil producer. 

The price rise is being capped by reports that the U.S. is planning to relax sanctions against Venezuela and allow Chevron Corp to negotiate oil licences with Venezuela39;s national producer. 

Though this will bring little relief to the market in the short term, it would nonetheless be a first step…