US and 30 allied countries to release 60m barrels of oil amid price surge
The United States and 30 countries have agreed to release 60m barrels of oil from their strategic reserves to stabilise global energy markets, the US Department of Energy said on Tuesday, as oil prices surged to a seven-year high.
The move, ahead of Joe Biden’s State of the Union address to Congress, failed to calm fears about supply disruption from the Ukraine crisis and sanctions against Russia. US stock markets fell sharply even after the news.
Oil prices surged after the announcement, with US crude hitting its highest level since June 2014...