Oil Edges Higher as Traders Weigh Odds of US Stockpile Release By Bloomberg – Investing.com

Oil Edges Higher as Traders Weigh Odds of US Stockpile Release By Bloomberg – Investing.com

(Bloomberg) -- Oil rose as traders weighed the odds of a release of crude from the U.S. Strategic Petroleum Reserve after OPEC+ resisted a plea from President Joe Biden to boost supplies more quickly.

West Texas Intermediate gained 0.5% in early Asian trading after surging 3.1% on Friday to pare a weekly loss. The administration will consider data coming out Tuesday as it assesses measures to stem gasoline prices, Energy Secretary Jennifer Granholm said on Sunday. Vitol Group, the biggest independent oil trader, told Bloomberg on Sunday that OPEC+ is unlikely to change its stance.

Oil’s rally to a seven-year high has alarmed Biden, who led calls from consumers last week for the Organization of Petroleum Exporting Countries and its allies to step up the pace they are reactivating the supply shuttered at the start of the pandemic. Despite his plea, the alliance chose to stick with a planned, modest hike of 400,000 barrels a day. That’s raised the possibility of an SPR release, which could be made in coordination with other states.