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Oil Rises After More Russian Sanctions, U.S. Mulls SPR Release

  • U.S. and allies consider releasing about 60 million barrels
  • Some Russian banks cut from SWIFT; BP to dump Rosneft shares
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Goldman Sachs: Enormous Amount of Oil Could Be DisruptedSource: Bloomberg
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Oil climbed after more sanctions were unleashed to isolate Russia, while the U.S. and its allies consider releasing about 60 million barrels of crude from emergency stockpiles to quell supply fears.

West Texas Intermediate futures in New York closed up above $95 a barrel on Monday. Prices soared earlier in the session in response to a fresh raft of sanctions aimed at choking off some Russian banks from global finance as the fighting continues in Ukraine. Oil then paired some of its gains on news that the U.S. and other nations are considering tapping into strategic crude reserves.