MELBOURNE/BEIJING: Oil prices clawed back heavy losses to rise more than 2% on Wednesday on supply tightness and the growing prospect of new Western sanctions against Russia even as signs of progress emerged from peace talks between Moscow and Kyiv.
Brent crude futures were up $2.6, or 2.4% at $112.81 by 0703 GMT, reversing a 2% loss in the previous session.
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