Oil prices 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 US crude stockpiles and China's extended lockdown.
The EU said Monday it is urgently discussing a new round of sanctions on Russia as it condemned "atrocities" reported in Ukrainian towns that have been occupied by Moscow's troops.
Foreign ministers of EU countries on Tuesday unanimously agreed new sanctions against Russia over its recognition of breakaway regions in Ukraine's east and deployment of troops there, French Foreign Minister Jean-Yves Le Drian said.