Oil prices recoup losses on renewed supply worries, dollar weakness
Workers walk as oil pumps are seen in the background in the Uzen oil and gas field in the Mangistau Region of Kazakhstan November 13, 2021. REUTERS/Pavel Mikheyev
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- Russian production recovers some losses in May – Novak
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- U.S. dollar backs off recent gains, down 1%
NEW YORK, May 19 (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…