Oil prices surge $7 per barrel despite release of supplies

BEIJING (AP) — Oil prices have surged another $7 per barrel after an agreement by the United States and other major governments to release supplies from strategic stockpiles failed to calm anxiety over Russia’s attack on Ukraine. Benchmark U.S. crude rose $7.94 to $111.35 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international price standard, gained $7.84 to $112.87 per barrel in London. The 31 members of the International Energy Agency, the club of major oil consumers, agreed to release 60 million barrels of crude from stockpiles in hopes of calming markets.