U.S. Crude Prices Jump to Highest Since 2013

March 2 - U.S. crude oil prices climbed to their highest level since 2013 during Tuesday's overnight trading. As crude prices continued to soar, the global benchmark Brent crude price topped $110 a barrel.

The development comes as OPEC and its oil-producing allies, including Russia, prepare to meet on Wednesday to discuss April production.

U.S. crude benchmark West Texas Intermediate crude futures rose more than 5 percent to $109.23 a barrel, the highest level since at least September 2013. In regular trading, the contract's price rose 8.03 percent to $103.41 a barrel.

The price of Brent crude, the global benchmark, rose 5.6 percent to $110.84, the highest level since July 2014. In Tuesday's trading, the contract price rose 7.15 percent to $104.97 a barrel.

There is no respite," said John Kildareff, partner at Reach Capital. It's a dramatic time for the market, the world and supply, and the market can't afford to lose oil at this point."

Last Thursday, both WTI and Brent crude prices soared above $100 for the first time since 2014, sparking supply concerns in an already very tight market.

On Tuesday, International Energy Agency member countries announced plans to release 60 million barrels of oil reserves to ease the momentum of rising oil prices. As part of this, the United States will release 30 million barrels of oil.