Oil prices continue to rise as Russia’s attack on Ukraine rages on.
Oil surged another $5 per barrel on Wednesday despite an agreement from the United States and other major governments to release supplies from strategic stockpiles aimed at calming market anxiety.
In the early morning hours, benchmark U.S. crude jumped $4.89 to $108.28 per barrel in electronic trading on the New York Mercantile Exchange. It rose $7.69 on Tuesday to $103.41.
Brent crude, the price basis for international oils, gained $5.03 to $109.99 per barrel in London. It soared $7 during the previous session to $104.97.
The 31 members of the International Energy Agency, the club of major oil consumers, agreed Tuesday to release 60 million barrels of crude from stockpiles.
That failed to calm concern about disruption in supplies from Russia, the second-biggest exporter behind Saudi Arabia.
The Associated Press contributed to this report.
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