By Stephanie Kelly NEW YORK (Reuters) – 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). U.S. 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…