Oil prices rose on Wednesday amid volatile trading on increasing concerns of global supply tightness from sanctions imposed on Russia, the world's second-largest oil exporter, and on signs that exports from Kazakhstan may be disrupted.
Brent crude futures were up 95 cents, or 0.82%, to $116.43 a barrel at 0816 GMT. Prices earlier rose to as high as $117.70 and at one point fell to a low of $114.45. The contract fell 14 cents in the previous session.
U.S. President Joe Biden is set to announce more Russian sanctions when he meets with European leaders on Thursday in Brussels, including an emergency meeting of NATO. Plunging crude stockpiles in the United States, the world's biggest oil consumer, also added to the apprehensions around supply.
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