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.
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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.
Analysts say supply remains tight despite the emergency oil stocks release.
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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 production companies of “ripping gasoline production the American people” and profits before the Americans suffer from ever-increasing 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 don’t 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.