Oil prices climb as market weighs release of reserves vs Russia disruption
Oil futures rose on Tuesday morning, following a volatile start to the week, as the market weighed a coordinated international release of crude inventories against Russian supply disruptions in the wake of Moscow’s invasion of Ukraine.
May Brent crude futures, which began trading as prompt on Tuesday, gained about 1% at 0141 GMT to $98.90. The benchmark touched a seven-year high of $105.79 after Russia’s invasion of Ukraine began last week.
U.S. West Texas Intermediate (WTI) April crude futures were up about 0.8% at $96.53. That contract touched a high of $99.10 a barrel the previous day, and had settled up more than 4%.
