Oil ends with strong gains despite release of strategic reserves

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Oil futures ended with strong gains Tuesday, as traders appeared to fade a long-anticipated decision by President Joe Biden to release crude from the Strategic Petroleum Reserve as part of coordinated U.S.-led effort by energy-consuming countries. West Texas Intermediate crude for January delivery CL00, +2.45% CLF22, +2.45% rose $1.75, or 2.3%, to finish at $78.50 a barrel on the New York Mercantile Exchange.

This article was originally published by Marketwatch.com. Read the original article here.

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