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This is because the U.S. Department of Energy announced that it began releasing 30 million barrels as part of President Biden’s historic Strategic Petroleum Reserve Release.
These barrels are the first U.S. sale in the largest release from reserves from both the United States and the rest of the world in history.
These releases, when completed, will see a major rise in the price of oil, as there aren't 1 million barrels of spare capacity..
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