Oil pushed higher Tuesday as investors tried to figure out whether a possible release of strategic crude reserves by the U.S. and its allies could do much to curb a dramatic surge in prices following Russia’s invasion of Ukraine.
Futures in New York rose around 1% in Asia after surging 4.5% Monday as sanctions on Russia rippled through the market. Banks are stopping commodity financing and buyers are shunning the nation’s flagship Urals crude, with some looking to the Middle East for extra barrels.
The U.S. and others are considering a release of 60 million barrels, according to people familiar with the matter, which would be equivalent to less than six days of Russian production.