Prices of oil futures continued to rise on Wednesday, reaching over seven-year highs, presumably helped by fears of further escalation of the Ukraine standoff between western countries and Russia and its possible effects on global supply.
The US Energy Information Administration's latest report that showed that crude inventories rose by 2.4 million barrels seemingly did not reverse market sentiment.
West Texas Intermediate (WTI) for settlements in March was 1.92% higher to sell for $87.24 per barrel at 10:43 am ET, while Brent for deliveries in the same month grew 1.94%, going for $89.90 per barrel at 10:45 am ET, minutes after hitting a daily and a seven-year high of $90.02.
