Top oil consuming nations may find that one of their main tools to fight high global oil prices – the release of strategic stockpiles – will prove inadequate to soothe markets starved of Russian supply since its invasion of Ukraine. The 31-member International Energy Agency, representing industrialized nations but not Russia, presided over the fourth .
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The United States is considering yet another massive release of up to 180 million barrels from the Strategic Petroleum Reserve over months to stave off consumer energy inflation, according to sources.
As the Russia-Ukraine conflict continues to rattle global markets, some traders are betting on crude oil prices going over $200 per barrel this month suggesting relief, in terms of fuel and related costs, is still far off.
A rally that has driven oil prices to their highest in almost a decade shows no signs of abating, as supplies from top exporter Russia are disrupted by sanctions after its invasion of Ukraine, a Reuters poll showed on Friday. A survey of 35 economists and analysts forecast Brent crude would average around $91.15 a .