Oil Rallies After U.S. Signals No Plans to Tap Crude Reserves
- Energy Department does not plan to take action “at this time”
- WTI crude futures earlier fell as much as 3.2% on Thursday
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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.
Futures in New York closed 1.1% higher after earlier falling as much as 3.2% on Thursday. A Financial Times report that Energy Secretary Jennifer Granholm was considering releases from the Strategic Petroleum Reserve had sent prices lower. 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.