WTI Oil Climbs Above $110 as Russian Gas Flows Stop

US benchmark oil prices rise 3.1% to $110.99 a barrel and are no course for a nearly $20, or $21% increase for the week as energy supply disruptions create fears of broader shortages. “Crude oil is up trading above $110 and is poised to move higher on the news that Russia’s Yamal westbound gas pipeline flows stopped,” says Peter Cardillo at Spartan Capital. Market focus is likely to remain on Russia/Ukraine developments, though investors will also watch the Baker Hughes rig-count report at 1 pm ET to see if US producers are starting to step up activity amid worries of global supply shortfalls.