Oil prices rose and recovered from losses incurred in early trading today, thanks to hopes that the planned easing of pandemic restrictions in the Chinese city of Shanghai will improve demand for fuel.
Reuters news agency reported that Brent crude futures for July delivery rose $1.32, or 1.2 percent, to $110.43 a barrel, after falling more than a dollar earlier in the session.
And US West Texas Intermediate crude futures for June delivery rose 62 cents, or 0.6 percent, to $110.21 a barrel, recovering from an early loss of more than two dollars.
And US crude contracts for July delivery rose $1.33, or 1.2 percent, to $108.26 a barrel.
The two global benchmark contracts fell to the nearest maturity by about 2.5 percent yesterday.
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