Oil swings wildly, rebounding to gains after steep losses | Reuters

Oil swings wildly, rebounding to gains after steep losses | Reuters

Oil prices rebounded from earlier losses in another volatile session 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.

Crude benchmarks continued their spate of wild swings, with both Brent and U.S. crude rising by nearly $5 a barrel in the span of a few hours, recovering from losses earlier in the week.

Brent crude futures for July rose $1.45, up 1.3%, to $110.57 a barrel at 12:32 p.m. EDT (1632 GMT), after hitting a session low of $105.75. U.S. West Texas Intermediate (WTI) crude futures for June rose 66 cents to $110.16, after dropping to $105.13 earlier.

"The market has been extremely volatile," said Andrew Lipow, president of Lipow Oil Associates in Houston. "The market is reacting to all sorts of different headlines hour to hour, and the movement in oil markets on a day-by-day basis getting even more exaggerated."