Oil Rebounds on Tight Supply, Prospects of New Russia Sanctions

Workers walk as oil pumps are seen in the background in the Uzen oil and gas field in the Mangistau Region of Kazakhstan, on Nov.13, 2021. Pavel Mikheyev/Reuters

LONDON—Oil prices clawed back heavy losses to rise more than 2 percent 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 $2.44, or 2.2 percent, at $112.67 by 1054 GMT, reversing a 2 percent loss in the previous session.