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Oil reversed losses to close slightly higher after another day passed without an announcement from the Biden Administration to tap U.S. crude reserves. Futures in New York closed up 0.1% Monday, paring earlier losses of as much as 1.8%. Biden faces increased pressure from members of his own party to release oil from the Strategic Peroleum Reserve to quell rising gasoline prices. Meanwhile, the U.S. government projected that the country’s shale out would climb 85,000 barrels a day in December.
