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Oil prices rise on hopes easing restrictions in Shanghai will improve fuel demand

Oil prices rise on hopes easing restrictions in Shanghai will improve fuel demand

Oil prices rose on Thursday, recovering from early losses, on hopes that a planned easing of restrictions in Shanghai would improve fuel demand, while continuing concerns over limited global supplies overshadowed fears of slowing economic growth.

Brent crude futures for July rose $1.32, or 1.2 percent, to $110.43 a barrel, after falling more than a dollar earlier in the session.

US West Texas Intermediate crude futures for June rose 62 cents, or 0.6 percent, to $110.21 a barrel, recovering from an early loss of more than $2. West Texas Intermediate crude for July also rose $1.33, or 1.2 percent, to $108.26 a barrel.

Prices for the coming months for both benchmark indices fell about 2.5 percent on Wednesday.