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Oil prices reverse early losses

Oil prices jumped almost five per cent on Wednesday after plunging nearly 10 per cent in the previous two sessions, buoyed by supply concerns as flows of Russian gas to Europe fell and the European Union worked on gaining support for a Russian oil embargo.
 
Russian gas flows to Europe via Ukraine fell by a quarter after Kyiv halted use of a major transit route blaming interference by occupying Russian forces. 
 
It was the first time exports via Ukraine have been disrupted since the invasion.
 
US West Texas Intermediate crude climbed US$5.68 to US$105.44, while Brent crude rose five per cent to US$107.59 a barrel.


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