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Oil rose as US tap smaller than expected strategic reserveOil rose as US tap smaller than expected strategic reserve |
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International benchmarks for crude oil settled higher on Tuesday, 23 November 2021 after the US announced releasing 50 million barrels of crude from its strategic reserve starting late December, which are much lower than expected. According to industry experts, the 50 million barrels are only sufficient to meet two and a half-day of US petroleum consumption.
Brent jumped $2.61 to close at $82.31/barrel.
WTI increased $1.75 to close at $78.50/barrel.
