Crude prices b'oil' as concerns of supply and shortage escalate ahead of OPEC meet

Oil prices surged as war continued in Ukraine and Russian aggression sparked fears of shortages. Even a decision by the U.S. and other major economies to release emergency stockpiles failed to ease concerns. Experts are anticipating a major shortfall in supplies as sanctions mount on Russia.

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On Tuesday, Brent crude futures, the international benchmark, were up 9%, to $106.75 a barrel. West Texas Intermediate crude, the U.S. benchmark, was up 10%, to $105.64 a barrel.

One of the biggest questions hanging over the market now is whether OPEC and its allies, which include Russia, will increase production to try to hold down prices. OPEC+, the name of the expanded group, will be meeting on Wednesday to discuss whether to continue with their plans to bring back a cumulative 400,000 barrels worth of oil production to the market.