LONDON—Oil futures rose on Wednesday, paring early losses, as the threat of new sanctions on Russia raised supply concerns, countering fears of weaker demand following a build in U.S. crude stockpiles and Shanghai’s extended lockdown. Brent crude futures were up $1.14, or 1.1 percent, at $107.78 a barrel as of 1115 GMT. U.S. West Texas Intermediate futures climbed $1.42, or 1.4 percent, to $103.38 a barrel The United States and its allies on Wednesday prepared new sanctions on Moscow over alleged civilian killings in northern Ukraine. “With allegations ramping up and new Western sanctions against Russia in the pipeline, further Russian economic retaliation looks inevitable,” said Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown “These concerns have no doubt fed into the oil price trending higher, with volatility expected to continue as the geopolitical situation unfolds.” Proposed EU sanctions, which the bloc’s 27 member states must approve, would ban buying …