Oil rebounds on tight supply, prospects of new Russia sanctions | Reuters
Oil prices jumped by more than $4 on Wednesday on supply tightness and the growing prospect of new Western sanctions against Russia even as Moscow and Kyiv held peace talks.
Brent crude futures were up $4.09, or 3.7%, at $114.32 by 1341 GMT, reversing a 2% loss in the previous session.
U.S. West Texas Intermediate (WTI) crude futures rose $4.17, or 4%, to $108.41 a barrel, erasing a 1.6% drop on Tuesday.
Crude's price recovery "suggests the oil market, at least, has a strong degree of scepticism about any 'progress' (in the peace talks)," Commonwealth Bank analyst Tobin Gorey said in a note.
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