Oil Prices Rally After U.S. Announces Strategic Reserve Release

Oil prices erased losses and jumped on Tuesday morning following the announcement from the U.S. Administration that it would make available 50 million barrels of oil from the Strategic Petroleum Reserve (SPR) to lower said oil prices.   As of 9:27 a.m. EST, WTI Crude prices were back above $77, having erased earlier losses and trading up by 1.30% at $77.75. Brent Crude prices returned to the $80 mark, and were approaching $81, as they had risen by 1.73% to $80.96. The headline for the oil market on Tuesday morning was the announcement of US…