Oil prices stabilize amid concerns about Russian supplies and demand in Asia

Oil prices were broadly stable on Wednesday after Russia halted gas supplies to Bulgaria and Poland, while concerns about the impact of anti-Covid-19 shutdowns in Asia on economic growth and oil demand limited price hikes.

After falling earlier, Brent crude futures rose 53 cents, or 0.5 percent, to $105.52 a barrel by 1024 GMT.

US West Texas Intermediate crude futures rose 60 cents, or 0.6 percent, to $102.30 a barrel.

Russia’s energy giant Gazprom said on Wednesday it had halted gas supplies to Bulgaria and Poland, in a major escalation of the Russia-Western dispute over Ukraine.

Data from the US government on oil inventories is due on Wednesday. Data from the sector on Tuesday showed that crude and distillate stocks rose last week, while gasoline stocks fell.

The rise in oil prices was also limited by the dollar’s rise to a two-year high on Wednesday, which made buying oil more expensive for holders of other currencies.