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Oil rebounds on tight supply, prospects of new Russia sanctions

Oil prices jumped by more than 3% on Wednesday on supply tightness and the growing prospect of new Western sanctions against Russia even as Moscow and Kyiv held peace talks. Brent crude futures were up $3.07, or 2.79%, at $113.30 by 1215 GMT, reversing a 2% loss in the previous session. U.S. West Texas Intermediate (WTI) crude futures rose $3.20, or 3.07%, to $107.44 a barrel, erasing a 1.6% drop on Tuesday.

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