LONDON—Oil futures 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 U.S. crude stockpiles and Shanghai’s extended lockdown.
Brent crude futures were up $1.14, or 1.1 percent, at $107.78 a barrel as of 1115 GMT. U.S. West Texas Intermediate futures climbed $1.42, or 1.4 percent, to $103.38 a barrel
