PRESIDENT Joe Biden has authorised the sale of 50 million barrels of oil from the US Strategic Petroleum Reserve (SPR), causing international crude prices to rise in a classic case of "selling on the rumour and buying on the fact". The release of the oil is part of a multinational effort to reduce prices as China, India, Japan, the UK and South Korea all made similar moves in conjunction with the US announcement on Tuesday. "American consumers are feeling the impact of elevated gas prices at the pump and in their home heating bills, and American businesses are too because oil supply has not kept up with demand as the global economy emerges from the pandemic," the White House said in a statement.
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