U.S. oil futures log highest finish since May 2011
Oil futures posted a third straight gain on Wednesday, with U.S. prices ending at their highest in more than a decade, with no end in sight to the Russian invasion of Ukraine, which threatens to disrupt global crude supplies. The climb for oil prices followed data from the Energy Information Administration, which revealed weekly declines in U.S. crude, gasoline and distillate supplies. Also Wednesday, the Organization of the Petroleum Exporting Countries and their allies decided to stick to their plan for gradual output increases. "OPEC+ decisions have been consistent for several months -- even in early December when prices had weakened and there was uncertainty surrounding the demand impact from the omicron variant," said Stacey Morris, director of research at Alerian. "For Russia and the other OPEC+ members, maintaining cooperation is in their best interest." West Texas Intermediate crude for April delivery rose $7.19, or nearly 7%, to settle at $110.60 a barrel on the New York Mercantile Exchange. That was the highest front-month finish since May 2011, according to FactSet data.
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