Oil prices are at their highest level in a week

Oil prices rose to their highest level in a week after the move by the United States and other consuming countries to withdraw tens of millions of barrels of crude from emergency reserves to try to calm the market fell short of some expectations.

The United States said today that it will release millions of barrels of oil from the strategic reserve in coordination with China, India, South Korea, Japan and Britain to try to calm prices after producers in the OPEC + alliance ignored repeated calls to pump more crude.

But analysts said that the impact of this withdrawal of reserves on prices is likely to be short-lived after years of declining investment and a strong global recovery from the Covid-19 pandemic.

The global benchmark Brent crude contracts ended the trading session up $2.61, or 3.3 percent, to record at a settlement of $82.31 a barrel.

US West Texas Intermediate crude contracts rose $1.75, or 2.3 percent, to settle at $78.50 a barrel.

This is the largest one-day increase in percentage terms for Brent crude since August and the highest closing level since November 16.

It also raised Brent’s premium to US crude to its highest level since mid-October.

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