New York Rep. Nicole Malliotakis and Tennessee Rep. Mark Green are evaluating US energy disinformation campaigns.
Oil futures rose Thursday evening, recouping some of the previous day’s losses.
The International Energy Agency (IEA) said that the decline in oil demand due to higher prices does not compensate for the cessation of Russian oil supplies, Reuters reported.
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US West Texas Intermediate (WTI) rose $1.17, or 1.2%, to $96.20 a barrel.
Brent futures rose about $1.12, or 1.1%, to $99.19 a barrel.
Both contracts were settled lower on Wednesday after a surprise jump in U.S. crude inventories and signs of progress in peace talks between Russia and Ukraine.
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US oil fell 1.08% to $95.04 a barrel, while Brent crude fell 1.9% to $98.02 a barrel.
The IEA report says that about 3 million barrels per day of Russian oil production could be stopped due to Western sanctions and the refusal of buyers from Russian exports. This will exceed the 1 million barrels per day drop in demand expected as a result of higher prices.
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U.S. crude inventories rose 4.3 million barrels in the week to March 11 to 415.9 million barrels, beating analysts’ expectations of a 1.4 million barrel decline, according to the US Energy Information Administration.