Oil Futures Rise After Release of Strategic Petroleum Reserve by the Biden Administration

Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Okla., on March 24, 2016. Nick Oxford/Reuters

Crude oil futures rose after the Biden administration announced the release of 50 million barrels of oil from the nation’s Strategic Oil Reserve on November 23, enough for approximately 3 days of demand.

Oil stocks saw a broad rally today after an initial loss. West Texas Intermediate crude for January delivery (CL00, CLF22), the U.S. benchmark, jumped $1.75, or 2.5 percent, to close at $78.50 a barrel. Global benchmark Brent crude (BRN00, BRNF22) surged $2.61, or 3.3 percent, to $82.31 a barrel.