Oil surged more than 7% on disappointing reserves released

International benchmarks for crude oil surged more than 7% on Tuesday, 1 March 2022 after the global agreement to release oil reserves failed to ease supply concerns. Member of the International Energy Agency (IEA) agreed to release 60 million barrels of crude in an attempt to calm the rising prices, however, the quantity is equivalent to less than one day of worldwide oil consumption.

Brent for May delivery rose $7 or 7.1% to close at $104.97/barrel.

WTI jumped $7.69 or 8% to close at $103.41/barrel.