OIL PRICE: BRENT ABOVE $113, WTI ABOVE $114

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Brent was up 23 cents, or 0.2%, at $112.16 a barrel, WTI climbed 71 cents, or 0.6%, to $113.11 a barrel, reversing some of the previous session's losses.

Raising supply concerns, U.S. crude and gasoline stocks fell last week, according to market sources who cited American Petroleum Institute figures on Tuesday. Crude stocks fell by 2.4 million barrels for the week ended May 13, they said.

U.S. government data is due on Wednesday.

For the economic outlook, U.S. Federal Reserve Chairman Jerome Powell on Tuesday said the central bank would ratchet up interest rates as high as needed to stifle inflation that he said threatened the foundation of the economy.?