EIA Report Sends Crude Higher

Oil jumped on speculation that the Biden administration may pull the plug on any plans to release crude from the nation’s emergency reserves after a U.S. energy report showed supplies rising next year. Futures in New York closed 2.7% higher on Tuesday. The Short-Term Energy Outlook predicted that the market will be oversupplied early next year and prices will fall in December from current levels. The White House said it welcomed the EIA’s forecast of oil prices moderating and will not be announcing an oil release from the nation’s Strategic Petroleum Reserves today.