Oil prices surge $7 per barrel despite release of supplies
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FILE - Pump prices are posted on a sign at a Conoco station in southeast Denver on Oct. 24, 2021. Oil prices surged another $5 per barrel on Wednesday, March 2, 2022, after an agreement by the United States and other major governments to release supplies from strategic stockpiles failed to calm market anxiety over Russia's attack on Ukraine. (AP Photo/David Zalubowski, File)
FILE - The sun sets behind an idle pump jack near Karnes City, USA, April 8, 2020. Oil prices surged another $5 per barrel on Wednesday, March 2, 2022, after an agreement by the United States and other major governments to release supplies from strategic stockpiles failed to calm market anxiety over Russia's attack on Ukraine. (AP Photo/Eric Gay, File)
FILE - A pumping unit sucks oil from the ground near Greensburg, Kan. on March 6, 2012. The International Energy Agency says all 31 member countries have agreed to release 60 million barrels of oil from their strategic reserves to send a strong message to oil markets that there will be no shortfall in supplies as a result of Russias invasion of Ukraine. The IEA board made the decision Tuesday, march 1, 2022 at an extraordinary meeting of energy ministers chaired by U.S. Energy Secretary Jennifer Granholm. (AP Photo/Charlie Riedel, File)
Copyright 2021 The Associated Press. All rights reserved.
FILE - Pump prices are posted on a sign at a Conoco station in southeast Denver on Oct. 24, 2021. Oil prices surged another $5 per barrel on Wednesday, March 2, 2022, after an agreement by the United States and other major governments to release supplies from strategic stockpiles failed to calm market anxiety over Russia's attack on Ukraine. (AP Photo/David Zalubowski, File)
BEIJING – Oil prices surged another $7 per barrel on Wednesday after an agreement by the United States and other major governments to release supplies from strategic stockpiles failed to calm anxiety over Russia's attack on Ukraine.
Benchmark U.S. crude rose $7.94 to $111.35 per barrel in electronic trading on the New York Mercantile Exchange.
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Brent crude, the international price standard, gained $7.84 to $112.87 per barrel in London.
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 to stabilize supplies.
That failed to calm concern about disruption in supplies from Russia, the second-biggest exporter behind Saudi Arabia.
“Markets dismissed the notion that 60 million barrels of strategic reserves released will be consequential to the risks of Russian supply jeopardized,” Tan Boon Heng of Mizuho Bank said in a report. “Russia pumps more than that in just six days.”
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