WTI crude futures surpassed $107 per barrel on Wednesday, extending an 8% rally in the previous session as the IEA warned that global energy security is under threat following Russia’s invasion of Ukraine, while investors await fresh announcements from the OPEC+ meeting later today. IEA executive director Fatih Birol said Tuesday that the current situation in energy markets is “very serious and demands our full attention,” following a decision by its members including the US and Japan to release 60 million barrels of crude from emergency reserves.
The move did little to tame soaring oil prices, which scaled fresh 7-year highs as the worsening crisis in Ukraine and broadening sanctions against Russia stoked fears of further supply disruptions. Meanwhile, OPEC+ will meet on Wednesday to discuss output policy, where it is expected to stick to its plan of moderate supply increases despite the market turmoil brought by the invasion.