Oil rises on weaker dollar

Oil drilling rigs

Oil prices rose today, May 23, as dollar edged lower and amid concerns regarding global economic growth, even as Shanghai prepared to lift lockdown measures.

Brent crude was trading up 0.92% at $113.59 per barrel, at 9:03 am Makkah time. West Texas Intermediate (WTI) crude rose 0.71% to $111.06 a barrel.

Gasoline and diesel prices in the US hit record levels ahead of the driving season.

Meanwhile, in China, the vision is still unclear, as officials laid out the criteria to categorize parts of Shanghai as low-risk for COVID-19 as they look to end a two-month lockdown, with no new cases outside quarantine being reported. Beijing, however, reported a record number of cases, reviving concern that the capital may face a lockdown.

A weaker dollar supported crude prices, as the US currency index -- which measures its performance against a basket of six major currencies -- declined by 0.43% to 102.71 points.