A trader works on the floor of the New York Stock Exchange. Oil prices have been rising due to an Opec+ production cut and a looming ban on Russian crude. Reuters
A trader works on the floor of the New York Stock Exchange. Oil prices have been rising due to an Opec+ production cut and a looming ban on Russian crude. Reuters

Business

Energy

Oil prices surge on tight supply even as US announces release of more crude from reserves

US President Joe Biden announced plans to make 15 million barrels available from the country’s Strategic Petroleum Reserve

John Benny

October 20, 2022

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