The US and its allies are releasing 60 million barrels of oil from their strategic reserves after crude oil soared to a nine-year high amid Russia's . All 31 countries that are members of the International Energy Agency agreed to the release 'to send a strong message to oil markets' that there will be 'no shortfall in supplies' as a result of Russia's invasion of Ukraine, the group said Tuesday.Oil prices climbed even higher after the announcement, with WTI hitting $106 for a 10 percent gain on the day, as investors appeared disappointed that the strategic release was not larger. It marked the highest price for WTI since January 2011.
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