Oil prices steady on Russian supply fears and Asian demand concerns | Reuters

Oil prices steady on Russian supply fears and Asian demand concerns | Reuters

Oil was broadly steady on Wednesday after Russia cut gas supplies to Bulgaria and Poland, while lingering concerns about Asian coronavirus lockdowns weighing on economic growth and oil demand kept a lid on prices.

Having dipped into negative territory, Brent crude futures rose 53 cents, or 0.5%, to $105.52 a barrel by 1024 GMT. U.S. West Texas Intermediate crude futures gained 60 cents, or 0.6%, to reach $102.30 a barrel.

Russian energy giant Gazprom (GAZP.MM) said on Wednesday it halted gas supplies to Bulgaria and Poland in a major escalation of Russia's broader row with the West over Ukraine. read more

While crude prices on Wednesday did not jump, the row sent NYMEX ultra-low-sulfur diesel futures up more than 9% on Tuesday to $4.47 a gallon, a record close.