YGRN - Did the SPR crude release backfire? Oil heads back to $80

Oil (CL1:COM) rose more than 4% over the last 24 hours to retake $79/bbl after the Biden administration announced plans to release 50M barrels of crude from U.S. Strategic Reserve, along with China, Japan, India, South Korea and the U.K. While the move was meant to lower prices, the volumes announced were much less than the market was expecting and would need to be sustained over a longer period of time. Many of the barrels will also need to be returned by the refiners who buy it, leaving traders forecasting tighter balances. Quote: "I told you before that we're going to take action on these problems. That's exactly what we're doing," President Biden said from the White House. "It will take time, but before long you should see the price of gas drop where you fill up your tank, and in the longer-term we will reduce our reliance on oil as we

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Did the SPR crude release backfire? Oil heads back to $80