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Oil prices, Saudi Aramco shares soar as Ukraine fighting continues

Saudi Arabia, Russia and other major oil producers have so far declined to increase production despite pleas from the United States.

Oil prices have reached almost $120 a barrel as the war in Ukraine continues to impact the world economy. 

Brent crude, which is regarded as the global benchmark for oil prices, traded at more than $119 a barrel by 2:43 a.m. ET. The price dropped to more than $112 later in the day, according to MarketWatch. 

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