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U.S. WTI crude futures rose 8% to a seven-year high

 Last Update: 2023-03-08
 Source: Internet
 Author: User

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In the early morning of March 2, Beijing time, U.
S.
crude oil futures closed sharply higher on Tuesday, rising 10%
intraday.
In some countries, announcements of coordinated releases of emergency crude oil reserves have not prevented a sharp rise
in oil prices.

U.
S.
WTI crude futures rose 8% to a seven-year high

According to a report by Dow Jones Market Data, historically, crude oil prices have ended up moving lower
under pressure in several such emergency releases of crude oil reserves.

West Texas Intermediate (WTI) crude for April delivery on the New York Mercantile Exchange closed up $7.
69, or 8%, at $103.
41 a barrel
.

As the Russian-Ukrainian conflict enters its sixth day, Western sanctions against the Kremlin are taking their toll on crude oil supplies, which have already threatened global supply shortages after the coronavirus pandemic
.

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