The market saw a sharp sell-off in the previous session after Russia promised to scale down military operations around Kyiv, but reports of attacks continued
London — 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.
US West Texas Intermediate crude futures rose $2.72, or 2.6%, to $106.96 a barrel, erasing a 1.6% drop on Tuesday. “The US and its allies are planning new sanctions on more sectors of Russia’s economy that are critical to sustaining its invasion of Ukraine, including military supply chains.”Russia’s top legislator warned the EU on Wednesday that oil, grain, metals, fertiliser, coal and timber exports could soon be priced in roubles, having previously demanded that “unfriendly” countries pay in roubles for its gas.
Market focus has turned to tight supply after the American Petroleum Institute industry group reported crude stocks fell by 3-million barrels in the week ended March 25, triple the decline that 10 analysts polled by Reuters had expected on average.
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