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Oil Soars as Emergency Crude Release Fails to Quell Supply Fears

  • IEA said to agree to a release of 60 million barrels
  • WTI surpasses $105 a barrel, Brent jumps over $9 on Tuesday
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'Peanuts' IEA Crude Release Won't Quell Supply Concerns: Sen
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Oil extended gains after the close as a decision by the U.S. and other major economies to release emergency stockpiles failed to ease concerns of a major shortfall in supplies as sanctions mount on Russia. 

West Texas Intermediate futures in New York traded above $106 after settling at $103.41 a barrel on Tuesday. The International Energy Agency agreed to deploy 60 million barrels from stockpiles around the world, which amounts to less than six days of Russian output. Financial sanctions against Russia continue to mount, raising the specter of a major global supply disruption.