Oil rebounded today in choppy trade, as a stronger dollar pulled crude up off losses struck after the International Energy Agency cut its global demand forecast and China further tightened its bank reserve requirements.
In London, Brent crude for June delivery was up 39 cents at $112.96 a barrel by around 4pm, up from a session low of $110.15.
US June crude rose 15 cents at $98.36, having moved up from a session low of $95.25, which hit early.
In early trade, oil fell more than $2 on both sides of the Atlantic following data showing that US initial jobless claims fell last week.
The early tumble drove oil volatility to its highest close since mid-March.
Oil also fell earlier, when China raised its bank reserve requirement.
The tightening move came despite initial signs of slowing in the economy.
China is the world's second-largest oil consumer and the source of much of its demand growth.
Around midday in New York, the dollar dipped 0.12% against a basket of currencies.
The euro hit a session high against the greenback, with gains accelerating after comments made by European Central Bank policymaker Lee Coene were deemed favouring the single currency.
