Both oil benchmarks hit 2022 lows on Wednesday
China39;s easing of COVID curbs to support demand
Economic and rate hike fears still weigh
U.S. crude stocks drop, fuel stocks rise

LONDON, Dec 8 Reuters Oil rebounded on Thursday after four sessions of decline, boosted by hopes that easing antiCOVID measures in China will revive demand and by signs that some tankers carrying Russian oil have been delayed after a G7 price cap came into effect.

China on Wednesday announced the most sweeping changes to its resolute antiCOVID regime since the pandemic began, while at least 20 oil tankers faced delays in crossing to the Mediterranean from Russia39;s Black Sea ports.

Brent crude rose 27 cents, or 0.4, to 77.44 a barrel by 1120 GMT, while U.S. West Texas Intermediate WTI crude gained 49 cents, or 0.7, to 72.50.

Today, we do see some green price action, said Naeem Aslam, analyst at Avatrade. Prices are oversold due to the intense selloff for the past few days. However, the price action still doesn39;t show a strong bullish bias.

The 14day relative strength index for Brent was below 30 on Thursday according to Eikon data, a level taken by technical analysts as indicating an asset is oversold and could be poised for a rebound.

Both Brent and U.S. crude hit 2022 lows on Wednesday, unwinding all the gains made after Russia39;s invasion of Ukraine exacerbated the worst global energy supply crisis in decades and sent oil close to its alltime high of 147.

Western officials…