11/22/2021, 8:58 PM (Source: TeleTrader)
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Oil up 1% amid reports of US-led SPR release

Prices of oil rose by over 1% on Monday, as the investors digested reports which hinted that the United States will urge for a coordinated release from the Strategic Petroleum Reserves (SPR) "as soon as tomorrow."

Other media came forward with writings that the Organization of Petroleum Exporting Countries and its allies (OPEC+) could opt to react to such a scenario with output curbs of their own.

West Texas Intermediate (WTI) for settlements in January advanced by 1.36% at 2:45 pm ET to go for $76.74 per barrel. Meanwhile, Brent for the same month's deliveries jumped 1.27% at 2:48 pm ET to sell for $79.66 per barrel.

Baha Breaking News (BBN) / BU