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

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
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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 (CL00CLF22), the U.S. benchmark, jumped $1.75, or 2.5 percent, to close at $78.50 a barrel. Global benchmark Brent crude (BRN00BRNF22) surged $2.61, or 3.3 percent, to $82.31 a barrel.
Bryan Jung
Bryan Jung
Author
Bryan S. Jung is a native and resident of New York City with a background in politics and the legal industry. He graduated from Binghamton University.
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