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.
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