NEW YORK: Oil prices rose on Monday in a session of volatile trade, as tight global supplies outweighed worries that demand would be pressured by a flare-up in Covid-19 cases in Beijing and more interest rate hikes.
Brent crude rose 68 cents to $122.69 a barrel at 12:13 p.m. EDT (1613 GMT). US West Texas Intermediate crude rose 61 cents to $121.28 a barrel. Trade was volatile, with prices down about $3 a barrel earlier.
Oil supplies are tight, with Opec and allies unable to fully deliver on pledged output increases because of a lack of capacity in many producers, sanctions on Russia, and unrest in Libya that has slashed output.
