Oil rises in light of tight supply as America withdraws more reserves

Oil prices rose, on Wednesday, as caution over a tight supply offset the negative impact of uncertainty on demand and the United States withdrawing more crude from its strategic reserves.

Brent crude futures for December delivery rose $2.38, or 2.6 percent, to settle at $92.41 a barrel.

US West Texas Intermediate crude for November delivery, which expires on Thursday, increased by $2.73, or 3.3%, to $85.55 a barrel.

In the previous session, the two benchmarks hit their lowest level in two weeks after US President Joe Biden said he plans to release 15 million barrels of oil from the Strategic Petroleum Reserve.

In remarks Wednesday, Biden referred to the United States' plans to buy back oil to fill the reserves if prices fell enough.

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