Oil rises in volatile trade on supply concerns from Russia sanctions | Reuters

Oil rises in volatile trade on supply concerns from Russia sanctions | Reuters

Oil prices rose on Wednesday amid volatile trading on increasing concerns of global supply tightness from sanctions imposed on Russia, the world's second-largest oil exporter, and on signs that exports from Kazakhstan may be disrupted.

Brent crude futures were up 95 cents, or 0.82%, to $116.43 a barrel at 0816 GMT. Prices earlier rose to as high as $117.70 and at one point fell to a low of $114.45. The contract fell 14 cents in the previous session.

U.S. West Texas Intermediate (WTI) crude futures rose 73 cents, or 0.67%, to $110 a barrel. The contract surged to a high of $111.35 and slipped to a low of $108.38. Prices fell 36 cents on Tuesday.

The market remains on edge over the prospect of further sanctions on Russia, the world's second-largest crude exporter, after its invasion of Ukraine, actions that Moscow calls a "special operation".

U.S. President Joe Biden is set to announce more Russian sanctions when he meets with European leaders on Thursday in Brussels, including an emergency meeting of NATO.