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Oil rises 3% to one-week high after U.S. taps emergency reserves

Oil prices rose to a one-week high on Tuesday after a move by the United States and other consumer nations to release tens of millions of barrels of oil from reserves to try to cool the market fell short of some expectations.

Brent futures rose $2.61, or 3.3%, to settle at $82.31, while U.S. West Texas Intermediate (WTI) crude rose $1.75, or 2.3%, to settle at $78.50.

The United States said on Tuesday it would release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, to try to cool prices after OPEC+ producers repeatedly ignored calls for more crude.

But analysts said the effect on prices was likely to be short-lived after years of declining investment and a strong global recovery from the COVID-19 pandemic.

Reference: Reuters