Why oil prices jumped despite the U.S. tapping the Strategic Petroleum Reserve

Oil futures rose sharply Tuesday after the Biden administration announced a coordinated, U.S.-led effort by energy consuming countries to release strategic crude reserves. What gives?

First off, a move had been well-telegraphed. News reports speculating on potential releases from the Strategic Petroleum Reserve and talk of a coordinated effort that would include China and others circulated in recent weeks, and were widely cited as a factor in crude oil’s pullback in…

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