11/23/2021, 8:02 PM (Source: TeleTrader)
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Oil jumps by 3% as Biden announces SPR release

The prices of oil observed a significant rise on Tuesday after United States President Joe Biden confirmed the release of 50 million barrels from the Strategic Petroleum Reserve (SPR).

The day before, the commodity saw a decline in its value amid the rumors the White House could announce such a move. Later in the day, the American Petroleum Institute (API) will also release an update on the country's crude inventories.

West Texas Intermediate (WTI) for deliveries in January 2022 gained 3.03% at 1:57 pm ET to sell for $78.77 per barrel. A minute later, Brent for the same month's settlements advanced by 3.67% to go for $82.42 per barrel.

Baha Breaking the News (BBN) / JR