Oil prices surge $5 per barrel despite release of supplies

Oil prices have surged another $5 per barrel after an agreement by major economies to release supplies from strategic stockpiles failed to calm market anxiety over Russia’s attack on Ukraine

BEIJING -- Oil prices surged another $5 per barrel on Wednesday after an agreement by the United States and other major governments to release supplies from strategic stockpiles failed to calm market anxiety over Russia's attack on Ukraine.

Benchmark U.S. crude rose $5.24 per barrel to $108.60 in electronic trading on the New York Mercantile Exchange.

Brent crude, the international price standard, gained $5.43 to $110.40 per barrel in London.

The 31 members of the International Energy Agency, the club of major oil consumers, agreed Tuesday to release 60 million barrels of crude from stockpiles in hopes of calming markets.