Oil settles mixed on questions over crude supply, demand, strong dollar | Reuters
Oil prices settled mixed on Monday as investors wondered whether crude supplies will increase and whether demand will be pressured by the recent surge in energy costs, the strong dollar and rising COVID-19 cases.
Brent futures settled down 12 cents, or 0.2%, to $82.05 a barrel while U.S. West Texas Intermediate (WTI) crude rose 8 cents, or 0.1%, to $80.88.
In early trading, the oil market factored in speculation that President Joe Biden's administration could fight high prices by releasing crude oil from the U.S. Strategic Petroleum Reserve, but skepticism about that approach caused U.S. crude to edge higher, according to John Kilduff, partner at Again Capital LLC in New York.
"The market appears to have priced in too aggressively that the SPR release would happen," Kilduff said.
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