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U.S. oil prices settle at a fresh multiyear high

30790 us oil prices settle at a fresh multiyear high

Oil futures climbed on Wednesday, with growing concerns over the Russia-Ukraine situation prompting U.S. benchmark prices to settle at their highest since October 2014. “The market remains extremely tight and geopolitical concerns — namely the standoff between the West and Russia over Ukraine – will be the real drivers of markets in the short term,” said Matthew Sherwood, global economist at the Economist Intelligence Unit. March West Texas Intermediate crude CLH22, +1.19% rose $1.75, or 2%, to settle at $87.35 a barrel on the New York Mercantile Exchange.

Source: Marketwatch

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