Biden spearheaded a coordinated release of oil from strategic reserves with Japan, India, South Korea, Britain and China in November that helped quell prices - even though, in the end, China did not take part. Brent briefly dropped below US$70 a barrel, but the effects were short-lived.
NEW YORK: Two months after U.S. President Joe Biden (pic) announced an unprecedented effort among major oil consuming economies to work together to bring down rising fuel prices, prices are again approaching multi-year highs. And Biden has few options to stop the rally.
Global benchmark Brent crude passed $84 a barrel on Wednesday and leading analysts are forecasting https://www.reuters.com/business/energy/oil-prices-could-hit-100-demand-outstrips-supply-analysts-say-2022-01-12 that oil could pass $100 a barrel in the first quarter.
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