Oil rebounds from drop on China demand concerns

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Oil prices rebounded in volatile trading today as the market weighed concerns over Russian supply and Chinese demand.

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US West Texas Intermediate contracts were up $1.14 cents, or 1.2%, at $99.68.

Chinese capital Beijing has expanded its Covid-19 mass testing to much of the city of nearly 22 million as the population braces for a lockdown similar to Shanghai's stringent curbs. The prospect of supply tightness in the physical market related to the phasing out of Russian oil also added to bullish sentiment.

Analysts said the release of oil from emergency reserves had eased concerns over tight supply to a certain extent.

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