Oil futures up sharply, with U.S. prices ending at their highest in over 2 weeks

Oil futures climbed sharply on Wednesday, with U.S. prices marking their highest finish in over two weeks. Prices got a boost from ongoing worries over global supply disruptions from the Russia-Ukraine war, as well as data showing weekly declines in U.S. crude, gasoline and distillate inventories. “We continue to expect WTI oil to be range bound in the $100 – $120 area until there is resolution of the Ukraine war,” said Jay Hatfield, portfolio manager of InfraCap Equity Income ETF. It’s “still unclear what percent of Russia’s 6 million barrels of exports will make it into the international market,” he said. West Texas Intermediate crude for May delivery rose $5.66, or 5.2%, to settle at $114.93 a barrel on the New York Mercantile Exchange – the highest front-month contract finish since March 8, FactSet data show.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.