Oil Posts Longest Run of Weekly Losses Since March Amid SPR Talk
- WTI crude futures declined for a third straight week
- White House press secretary said Biden is looking at options
An oil pumping jack, also known as a 'nodding donkey,' operates in an oil field near Samara, Russia
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Oil prices notched the longest stretch of weekly losses since March with U.S. President Joe Biden keeping investors guessing about whether he’ll act to tame higher energy prices that are driving a surge in inflation.
Futures in New York fell 1% on Friday, yet pared some losses near the end of the session after White House Press Secretary Jen Psaki declined to say whether Biden plans to release oil from the Strategic Petroleum Reserve. She said the administration has been pushing oil-producing countries to pump more crude and seeking to ensure there isn’t price gouging at the pump.