Oil rebounds on China's plans to support its economy | Reuters

Oil rebounds on China's plans to support its economy | Reuters

Oil prices rebounded in volatile trading on Tuesday as the market weighed China's plans to support its economy against lockdowns in the country's capital city.

Brent crude futures were up $2.37, or 2.3%, at $104.71 a barrel by 11:50 a.m. ET (15:51 GMT). U.S. West Texas Intermediate contracts were up $2.65, or 2.7%, at $101.21.

Brent and WTI had settled down about 4% on Monday and touched respective lows on Tuesday of $101.08 and $97.06 a barrel, pressured by concerns over demand in China, the world's largest crude oil importer.

China's central bank on Tuesday said it will step up prudent monetary policy support to the nation's economy and any stimulus would help boost oil demand amid worries of a slowdown in global growth.