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Oil prices surge toward $110 per barrel despite release of supplies

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.

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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.

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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.

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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.

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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.

Read More: Oil prices surge toward $110 per barrel despite release of supplies

2022-03-02 00:26:47

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