Oil prices rose to a two-week high on Tuesday after the United States lifted travel restrictions and other signs of a global post-pandemic recovery boosted the demand outlook, while supply remained tight.
Prices rallied after the US Energy Information Administration (EIA) in its Short Term Energy Outlook (STEO) on Tuesday projected retail petrol prices would decline over the next several months.
US President Joe Biden’s administration said it would use price forecasts in the STEO report to determine whether to release oil from the nation’s Strategic Petroleum Reserve (SPR).
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