Oil prices recoup losses based on renewed supply worries, dollar weakness
NEW YORK (Reuters) -Oil prices rebounded from earlier losses on Thursday as Chinese officials planned to ease restrictions in Shanghai, which could further tighten global energy supply, and as the dollar retreated from recent gains.
Brent crude futures for July rose 92 cents, or 0.8%, to $110.03 by 11:33 a.m. EDT (1533 GMT), after hitting a session low of $105.75. U.S. West Texas Intermediate (WTI) crude futures for June rose 32 cents to $109.91, after dropping to $105.13 earlier.
In China, investors are closely watching plans to ease coronavirus curbs from June 1 in the most populous city of Shanghai, which could lead to a rebound in oil demand from the world’s top crude importer.
