Oil prices rise 1% after sinking in previous session

Brent crude LCOc1 futures rose 96 cents, or 0.9%, to US$108.21 a barrel by 00:04 GMT. The front-month WTI crude CLc1 futures contract, which expires Wednesday, rose $1.19, or 1.2%, to $103.75 a barrel. The second-month contract gained $1.18, or 1.2%, to $103.23 a barrel. Both benchmarks fell 5.2% in volatile trading on Tuesda. File pic - A chevron refinery)

Oil prices rose about 1% on Wednesday, gaining back some of their losses during the previous session on concerns about energy demand after the International Monetary Fund (IMF) cut its economic growth forecasts.

However, the demand concerns have been offset by a tighter supply outlook following sanctions on Russia, the world's second-largest oil exporter and a key European supplier, after its invasion of Ukraine.