Oil futures rose Wednesday, extending a gain seen the previous session after Vladimir Putin vowed to continue Russia's offensive in Ukraine until Moscow's...
Oil futures rose Wednesday, extending a gain seen the previous session after Russian President Vladimir Putin said negotiations with Ukraine had hit a dead end.
Reuters on Tuesday reported that Russian oil and condensate production had fallen below 10 million barrels a day on Monday as a result of sanctions and logistical problems. The report said Russian production had fallen more than 6% to 10.32 million barrels a day April 1-11 from an average of 11.01 million barrels a day in March.
The International Energy Agency, in its monthly report, said Wednesday that a move by the U.S. and its allies to release oil from their reserves — a move the IEA helped coordinate — should help counter the loss of Russia’s vast supplies after its invasion of Ukraine.
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