Oil prices rose in trading on Tuesday despite news that President Biden will release of 50 million barrels of crude oil from the U.S. Strategic Petroleum Reserve fueling concerns about even higher gas prices in the coming months.
In an unprecedented and highly coordinated move, the U.S. will release its reserves together with China, Japan, India, South Korea and the U.K. The news spooked global energy markets as investors grew worried that the OPEC+ might retaliate by further reducing supply. According to the Administration, the oil may begin moving as early as mid-to-late December.
Crude traded up 2.5% to $78 per […]
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