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Oil Edges Higher With US Reserves Plan Offsetting Hot Inflation

US strategic reserves have plunged this year, hitting the lowest in almost 40 years, after President Joe Biden ordered the release of 180 million barrels to counter the inflationary fallout spurred by Russia’s invasion of Ukraine. Still, there have been mixed signals of late on the next step, with officials also weighing an additional sale given that curbs on Russian oil are set to tighten.

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