U.S. May Release More Oil Reserves If Prices Rise, RBC Says
- White House looking to keep oil prices below $80: RBC
- Major consumers announce plans to release strategic reserves
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The U.S. believes it has the ability to release more oil from its reserves if prices rise further, RBC Capital Markets analysts said.
The world’s largest economy took action with other key consumers Tuesday, but crude prices rallied after the announcement. The Biden administration wants to keep prices below $80 “and believe they have the ability to do another release of a similar magnitude,” analysts, including Helima Croft, wrote in a report.