Oil rises, Brent nears $123

Oil drilling rigs

Oil prices rose today, June 14, as investors tracked the US Federal Reserve's decision on interest rates, which will be issued on June 15. In addition, they also followed the impact of COVID-19 lockdown measure in China.

Brent crude was trading up 0.52% at $122.90 per barrel, at 9:01 am GMT.

West Texas Intermediate (WTI) crude rose 0.46% to $121.49 a barrel.

The American Petroleum Institute is set to issue its estimates on crude inventories in the US later today, while the official data will be announced on June 15 by the Energy Information Administration.