Oil Prices Rebound Despite Biden's Best Efforts

Crude oil prices rose on Monday despite the announcement last week that the Biden Administration would release the largest amount of crude oil even from the U.S. Strategic Petroleum Reserves. The SPR release is scheduled to begin in May. At 1:00 p.m., ET, WTI had risen $2.23 (+2.25%) to $101.50, while Brent had risen $1.70 (+1.63%) to $106.10 per barrel, reclaiming some of last week’s loss due to the SPR release announcement. WTI slipped from $108 last week on news that the Biden Administration would release a million barrels of crude oil…