Crude oil futures ended largely higher on Tuesday as Russia’s invasion of Ukraine entered a sixth day and Western sanctions against Moscow were seen disrupting supply despite an effort to exempt energy flows. Meanwhile, shelling by Russian forces continued to pound civilian targets in Kharkiv, Ukraine’s second-largest city, on Tuesday, according to private reports, as satellite images showed a 40-mile convoy of Russian tanks and other military vehicles advancing on Kyiv, the capital of Ukraine. Oil Prices rose even after the International Energy Agency announced that its member countries have agreed to release 60 million barrels of oil from their emergency reserves to ease any supply shortfall caused by Russia’s invasion of Ukraine.
Benchmark crude oil futures for April delivery surged $7.69 or 8 percent to settle at $103.41 a barrel on the New York Mercantile Exchange. Brent crude for May delivery rose $7 or 7.2 percent to settle at $104.97 a barrel on London's Intercontinental Exchange.