Oil prices drop as stocks rise and Wall Street recovers from a three-week losing streak.

Image Credit : Bloomberg

U.S. stocks surged Wednesday as investors tried to recover from three-week-long declines across stock markets.

Image Credit : Oil Price

The S&P 500 rose 1% at 1:00 p.m.

Image Credit : KTVZ

The Dow Jones Industrial Average rose by 270 points, or roughly 0.8%, on Wednesday.

Image Credit : Houston Public

The tech-heavy Nasdaq Composite index rose 1.1% on Wednesday.

Oil prices plummeted after reports surfaced that Vladimir Putin threatened to cut off energy supplies to countries.

Which restricts Russia's oil and gas exports.

The price of West Texas Intermediate crude oil fell nearly 4% to hit a new low of $82.93 per barrel on Wednesday.

To $89.59 per barrel, Brent futures saw a 3.5% decline.

Lael Brainard, vice chair of the Federal Reserve, stated during a speech in New York on Wednesday.

Even though there are signs that inflation is slowing, the U.S. central bank must continue raising interest rates.