Oil rallies after U.S. says it won’t tap strategic crude reserves

World Oil | Oct 7, 2021 at 2:00 AM
  • Oil rebounded after the U.S. Energy Department said it has no plans “at this time” to tap into the nation’s oil reserves to help quell rising fuel prices.
  • The market’s focus has now shifted back to a global natural gas shortage that’s set to boost the use of crude oil to generate power this winter.
  • The energy crunch from Europe to Asia also raised the prospect of greater demand for oil ahead of winter at a time when OPEC+ producers decided to only gradually add back oil supplies to the market.