Oil rises as new Russia sanctions outweigh demand worries

TOKYO: 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 49 cents, or 0.5%, at $107.13 a barrel as of 0657 GMT, having fallen to $105.06 earlier in the session.