Oil Prices Rally On Supply Concerns

Oil prices rose more than 2 percent on Wednesday amid supply concerns after Russian President Vladimir Putin announced the partial mobilization of his country's military in a significant escalation of war in Ukraine.

Benchmark Brent crude futures rallied 2.4 percent to $92.76 a barrel, while WTI crude futures were up 2.5 percent at $86.05.

As the war in Ukraine reaches nearly seven months and Moscow loses ground on the battlefield, Putin said in a rare national address that Russia would use all the means at its disposal to protect its territory.

The Russian leader also backed plans for Russia to annex occupied areas of southern and eastern Ukraine, appearing to threaten nuclear retaliation if Kyiv continues its efforts to reclaim that land.

Meanwhile, investors shrugged off data from the American Petroleum Institute showing that U.S. crude stocks rose by about 1 million barrels last week, indicating some weakness in demand among U.S. consumers.

Official data from the Energy Information Administration will be out later in the day.

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