Oil rises as new Russia sanctions outweigh demand worries | Reuters

Oil rises as new Russia sanctions outweigh demand worries | Reuters

Oil futures rose on Wednesday, paring early losses, as the threat of new sanctions on Russia raised supply concerns, countering fears of weaker demand following a build in U.S. crude stockpiles and Shanghai's extended lockdown.

Brent crude futures were up $1.07, or 1%, at $107.71 a barrel as of 0905 GMT, having fallen to $105.06 earlier in the session.

U.S. West Texas Intermediate futures climbed $1.21, or 1.2%, to $103.17 a barrel, after dipping to as low as $103.17 in early trade.

The United States and its allies on Wednesday prepared new sanctions on Moscow over civilian killings in northern Ukraine, which President Volodymyr Zelenskiy described as "war crimes." Russia denied targeting civilians. read more