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Oil Prices Slowed Down After Rising Nearly 1%

Oil Prices Slowed Down After Rising Nearly 1%

U.S. oil rose by 0.68 US dollars, an increase of 0.81%, and the settlement price was reported at 81.93 US dollars per barrel. Bilbao oil rose by 0.69 US dollars, an increase of 0.83%, to close at 83.43 US dollars per barrel. Earlier, the two major contracts both rose by more than $1. The market showed a sideways trend for most of Monday afternoon. Investors are waiting to see whether the US will release crude oil from its strategic reserves, and how large it will be if it is released. US Secretary of Energy Jennifer Granholm said that President Biden may issue an announcement this week in response to high oil and gasoline prices. Granholm did not specify any specific measures, but the United States has stated that the release of strategic oil reserves is an option it considers. Some analysts said that Biden may use strategic oil reserves.



Source: tradingeconomics.com
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