Oil rebounds on tight supply, prospects of new Russia sanctions | Reuters
Oil prices clawed back heavy losses to rise more than 2% on Wednesday on supply tightness and the growing prospect of new Western sanctions against Russia even as signs of progress emerged from peace talks between Moscow and Kyiv.
Brent crude futures were up $2.6, or 2.4% at $112.81 by 0703 GMT, reversing a 2% loss in the previous session.
U.S. West Texas Intermediate (WTI) crude futures rose $2.7, or 2.5%, to $106.84 a barrel, erasing a 1.6% drop on Tuesday.
"The volatile prices indicate extremely sensitive sentiment among investors," said analysts from Haitong Futures. "People urgently need to see changes to make the market situation clearer."
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