By Liz Hampton

(Reuters] – On Tuesday, oil futures rose following a volatile start. Market participants weighed a global release of crude inventory against Russian disruptions.

On Tuesday, May futures began trading prompt and gained around 1% to $141 GMT. They were now at $98.90. After Russia invaded Ukraine last week, the benchmark reached a high of $105.79 for seven years.

U.S. West Texas Intermediate crude futures rose 0.8% to $96.53. This contract reached an all-time high of $99.10 per barrel the day before and was up over 4%.

There are concerns about the tightening of supplies as oil and natural gas giants Shell (LON;) and BP, among others, have made plans to end their Russian joint ventures or operations. Due to Western sanctions imposed on Ukraine, Russian oil purchasers are facing difficulties in obtaining vessel access and payments.

As the United States, along with its allies, discussed a coordinated release crude stock to reduce disruptions in supply, the market calmed. Media outlets claimed that the release could reach between 60-70 million barrels.

Analysts at Commonwealth Bank of Australia (OTC) stated in a note that “That probable release is capping the oil price increases for now.”

On Tuesday, the International Energy Agency (IEA), will hold an extraordinarily important ministerial meeting to examine how its members can help stabilize oil markets.

Russia calls the actions it took in Ukraine “special operations”. It exports 4-5 million barrels of crude oil per day and 2-3 million barrels of refined products per day.

On Wednesday, the Organization of the Petroleum Exporting Countries will be meeting with other producers, including Russia. They are likely to keep a steady increase in supply.