Oil eked out a gain on Monday as Saudi Arabia is raising prices, but the rally cooled after the U.S. signaled measures to ease oil and gasoline prices.
Futures in New York closed 0.8% higher, paring gains of as much as 1.7% earlier in the session. U.S. Energy Secretary Jennifer Granholm said that President Biden may make an announcement to address high oil and gasoline prices this week. Granholm didn’t specify any particular measures, but the U.S. has said that releasing crude from the Strategic Petroleum Reserve is one option it’s considering to cool prices.
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November 08, 2021 at 06:12AM
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Oil Rally Slows as U.S. Hints at Actions to Quell Rising Prices - Bloomberg
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