Oil futures settled higher on Wednesday as news reports said Russia shelled areas of Ukraine where Moscow had promised just a day earlier that it would scale back military operations. “Whether peace talks are real or not, the truth is that we have a global market that is undersupplied regardless,” said Phil Flynn, senior market analyst at The Price Futures Group, in a daily report. Oil prices put the war premium in and they can take it out, but “after the smoke clears…we’re back to being undersupplied.” West Texas Intermediate crude for May delivery climbed by $3.58, or 3.4%, to settle at $107.82 a barrel on the New York Mercantile Exchange after losing 1.6% on Tuesday.
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.
