Posted by on November 24, 2021 9:02 pm
Categories: Breaking News Epoch Times News

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

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. “The market is up on the lame nature of the U.S. swap program, the small numbers actually involved, and the lack of commitment by the Chinese,” said Robert Yawger, executive director of energy futures as Mizuho Securities, in a note reported by Marketwatch. President Joe Biden told reporters at a White House briefing that “It will take time, but before long you should see the price of gas drop where you fill …

Originally appeared on The Epoch Times

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