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Oil Rises as Biden Faces Mounting Pressure to Rein in Prices

  • U.S. president says tackling inflation is now his top priority
  • Cushing crude stockpiles dropped further Nov. 5-9: WoodMac
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Oil Rises as U.S. Pulls Back From Selling Down Reserves
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Oil rose in choppy trading as investors weighed the odds that the White House will intervene to cool rising energy prices.

Futures in New York climbed 0.3% after swinging between gains and losses on Thursday. U.S. President Joe Biden is facing growing pressure, including from his own party, to address rising prices as gains in consumer costs hit the fastest pace in decades. His options include tapping the Strategic Petroleum Reserve or even banning oil exports.