Home Markets Oil, gas prices rise as market rejects tapping reserves

Oil, gas prices rise as market rejects tapping reserves

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Oil prices bounded higher despite President Biden’s plan to tap 50 million barrels from the Strategic Petroleum Reserves in tandem with other countries. 

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 55.68 +1.24 +2.28%
BNO UNITED STS BRENT OIL FD LP UNIT 21.62 +0.52 +2.46%

West Texas Intermediate crude hit the $77 per barrel level, reversing earlier losses, while the global benchmark Brent, hit $81 per barrel. 

Gas prices, which are averaging $3.40 per gallon nationally, held at current levels. 

“While that might seem like a good idea history has proven that the release will only have a short-term impact on prices and is an open declaration of an oil war with the OPEC Plus cartel. Oil reserves are meant for emergencies like war, hurricanes, and major oil supply disruptions”…

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