Oil surges above $100 a barrel, stocks slide on Ukraine uncertainty | Reuters
Oil prices surged more than 10% at one point as talks about a coordinated global release of crude inventories failed to calm fears about supply disruptions due to the war in Ukraine.
News of the release - less than one day of worldwide oil consumption - underscored the market's fear that supply will be inadequate to cover growing disruptions to the crude market.
U.S. crude futures surged $7.69 to settle at $103.41 a barrel and Brent settled up at $104.97, while European natural gas prices jumped almost 29%.
Both oil and gas prices are now up nearly 60% since fears of an invasion of Ukraine began to escalate in November.
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