Oil futures rose on Tuesday morning, following a volatile start to the week, as the market weighed a coordinated international release of crude inventories against Russian supply disruptions in the wake of Moscow's invasion of Ukraine.
U.S. West Texas Intermediate April crude futures were up about 0.8per cent at $96.53. That contract touched a high of $99.10 a barrel the previous day, and had settled up more than 4per cent. The market calmed as the United States and allies discuss a coordinated release of crude stocks in a bid to mitigate supply disruption. That release could tally up to between 60 and 70 million barrels, media outlets reported.
The International Energy Agency is set to hold an extraordinary ministerial meeting on Tuesday to discuss what role its members can play in stabilising oil markets.