Crude oil futures ended sharply higher on Tuesday, rebounding strongly from earlier losses. Oil prices rose despite 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. The United States said 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. The Biden administration said it would release 50 million barrels from the US Strategic Petroleum Reserve, which will start hitting the market in mid to late December.
Benchmark crude oil futures for January delivery rose $1.75 or 2.3 percent to settle at $78.50 a barrel on the New York Mercantile Exchange. Brent crude for January delivery surged $2.65 or 3.3 percent to settle at $82.37 a barrel on London's Intercontinental Exchange.