Oil 'stuck in limbo' as guessing game over SPR release drags on

Oil advanced above USD 81 a barrel as investors continued to wait to see whether the Biden administration will release crude from the nation's emergency reserves to tackle soaring US gasoline prices.

By Sharon Cho, Bloomberg

West Texas Intermediate rose 0.8 percent after erasing losses on Monday to end little changed. Gasoline pump prices have surged to a record in California amid a string of calls for Joe Biden to intervene, including pleas from senior members of his own party. Despite the clamor, the president hasn't yet taken that step.

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