Oil jumps in volatile trading

LONDON, Mar 23 (Reuters): Oil prices rose in volatile trading on Wednesday, supported by disruption to Russian and Kazakh crude exports via the CPC pipeline.

Brent crude futures were up $5.16, or 4.5 per cent, at $120.64 a barrel at 1335 GMT. Prices had earlier fallen to a low of $114.45.

US West Texas Intermediate (WTI) crude futures rose $4.83, or 4.4 per cent, to $114.10 a barrel. The contract had earlier slipped to a low of $108.38.

The market remains on edge over the prospect of further sanctions on Russia, the world's second-largest crude exporter, after its invasion of Ukraine, which Moscow calls a "special operation".

US President Joe Biden is set to announce more Russian sanctions when he meets with European leaders on Thursday in Brussels, including an emergency meeting of NATO.

European Union member countries remain split on whether to ban imports of Russian crude and oil products, but this might change once short-term contracts run out.