Oil Prices Extend Gains With Falling Supplies in Focus

Active pumpjacks from oil wells are pictured at the Inglewood Oil Field, the largest urban oil field in the United States, from the Baldwin Hills Scenic, Overlook in Culver City, Calif., on March 10, 2022. Bing Guan/Reuters

LONDON—Oil prices rose by more than 2 percent on Wednesday after Moscow said that peace talks with Ukraine had hit a dead end, fuelling supply worries, while weak economic data from China and Japan kept a lid on gains.

Brent crude rose by $2.26, or 2.2 percent, to $106.90 a barrel by 1126 GMT while U.S. West Texas Intermediate (WTI) crude futures gained $2.02, or 2 percent, to $102.62. Both benchmarks had surged by more than 6 percent on Tuesday.