Oil prices rose, in conjunction with decline in production of Russian oil and gas to its lowest levels in 2020.
The Organization of the Petroleum Exporting Countries (OPEC) warned that it would be impossible to replace the 7 million barrels per day of lost Russian oil and other liquids exports in the event of sanctions or voluntary measures.
Brent crude futures rose by $6.68 (6.8%), to $105.16 a barrel. US West Texas Intermediate also rose by $6.64 (7%), to $100.93. On Monday, both benchmarks fell about 4%.