The White House has said that a crude market rally poses a threat to the global economic recovery and that President Joe Biden has announced the release of oil from the US's strategic stockpile.
The White House said on Tuesday that the president would authorising the release of 50 million barrels of oil in the coming months, in a move that would be co-ordinated with releases from China, India, Japan, South Korea and the UK.
After weeks of hints from the US government, the decision was made after Saudi Arabia, Russia and other Opec+ members refused to increase supply.
The release was linked to Biden's statement that Americans were feeling the impact of higher gas prices at the pump and in their home heating bills because oil supply has not kept up with demand as the global economy emerges from the pandemic.
