SPR Release Only Triggered A Brief Selloff In Crude Oil

Media reports about the joint release of millions of barrels of oil by the United States, China, and Japan prompted a selloff across oil futures contracts and a decline in benchmarks over the last week. However, the trend reversed this week when OPEC+ suggested that it might tighten supply in response to the release.

The reserve release idea came from the White House, which has been scrambling to find a way to rein in retail fuel prices amid rising inflation. According to the reports, President Biden approached the governments of China, India,…