WTI: crude oil stabilized above $100 per barrel on Wednesday following days of heightened volatility, as the threat of additional sanctions on Russia countered fears of weaker demand following a build in US crude stockpiles and an extended lockdown in Shanghai.
The US and its allies prepared new sanctions on Moscow over civilian killings in northern Ukraine, with the EU proposing to ban Russian coal and to prevent Russian ships from entering EU ports.
Britain also urged G7 and NATO countries to agree to a timetable to phase out oil and gas imports from Russia.
Meanwhile, US crude inventories rose by 1.1 million barrels last week, defying market expectations for a 2.1 million barrel decline.
Demand concerns in China also resurfaced after authorities extended a lockdown in Shanghai on Tuesday to cover all of the financial center’s 26 million residents.