Oil prices gain after emergency reserve release

Oil prices climbed back from losses on Thursday after falling more than 5% in the previous session.

International Energy Agency member countries announced a huge release of oil from emergency reserves to offset supply lost from Russia.

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US West Texas Intermediate (WTI) crude futures rose $ 1.37, or 1.4%, to $ 97.58 a barrel.

Brent futures climbed $ 1.34, or 1.3%, to $ 102.41 a barrel.

RUSSIA INVADES UKRAINE: LIVE UPDATES

The IEA members agreed to release 60 million barrels on top of a 180 million-barrel release announced by the United States last week, according to Reuters.

An oil rig drilling a well at sunrise, owned by Parsley Energy Inc. near Midland, Texas. (REUTERS / Ernest Scheyder / Reuters Photos)

Analysts say supply remains tight despite the emergency oil stocks release.

HOUSE DEMOCRAT SAYS OIL EXECS ‘THROWING UP A SMOKE SCREEN’ AMID ALLEGATIONS OF PRICE GOUGING

The Senate will take up legislation Thursday to end normal trade relations with Russia and to ban the importation of its oil, Senate Majority Leader Chuck Schumer announced Wednesday.

House Democrats on Wednesday accused oil companies of “ripping off the American people” and putting profits before production as Americans suffer from ever-increasing gasoline prices during the war in Ukraine.

Oil executives, testifying before Congress for the second time in six months, responded that oil is a global market and that oil companies do not dictate prices.

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The national average gas price was $ 4.16 a gallon for regular on Wednesday, up from $ 2.87 a year ago, according to AAA.

The Associated Press contributed to this report.

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