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Oil steadies near 7-year high as Biden vows to curb inflation

Futures in New York traded near $87 a barrel after advancing almost 6% over the past three sessions

crude oil, petroleum
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Bloomberg
Oil steadied near the highest close since 2014 after President Joe Biden pledged to continue trying to lower prices and an industry report pointed to a modest increase in U.S. crude stockpiles.

Futures in New York traded near $87 a barrel after advancing almost 6% over the past three sessions. While Biden does have some options to address the increase in oil prices, many of them would be limited and likely short-lived. Crude’s rally poses a challenge for consuming nations and central banks as they try and stave off inflation while supporting economic growth.

The American Petroleum Institute reported U.S. crude inventories

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First Published: Jan 21 2022 | 1:23 AM IST

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