# Oil rises 3% to one-week high after U.S. taps emergency reserves

> The United States said it would release millions of barrels of oil from its strategic reserves. Brent rose $2.61, or 3.3%, to settle at $82.31, while WTI rose $1.75, or 2.3%, to settle at $78.50.

- Date: 2021-12-01 · published 2021-12-01T12:00:00.000Z
- Category: policy · region US · magnitude medium
- Page: https://feedsoft.ai/events/44220-oil-rises-3-to-one-week-high-after-u-s-taps-emergency-reserves
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

A government reserve release adds supply to the market, but the price reaction here was upward, showing the release did not outweigh other demand and supply concerns. Higher crude lifts diesel and fertilizer input costs for feed producers and supports vegetable oil prices.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-10-05 | [Oil rises to 3-week highs as OPEC+ agrees to deep cuts, U.S. stockpiles fall \| Reuters](https://feedsoft.ai/events/39283-oil-rises-to-3-week-highs-as-opec-agrees-to-deep-cuts-u-s-stockpiles-fall.md) | +3.3% | +1.9% |
| WTI | 2021-11-25 | [No shock and awe after U.S.-led emergency oil release: Kemp](https://feedsoft.ai/events/8416-no-shock-and-awe-after-u-s-led-emergency-oil-release-kemp.md) | -15.0% | -5.7% |
| WTI | 2022-02-02 | [Oil edges higher after OPEC+ keeps to steady supply bump, U.S. stockpiles draw \| Reuters](https://feedsoft.ai/events/42628-oil-edges-higher-after-opec-keeps-to-steady-supply-bump-u-s-stockpiles-draw.md) | +1.3% | +25.5% |
| WTI | 2023-09-01 | [Oil rises to highest in over seven months on supply worries](https://feedsoft.ai/events/34022-oil-rises-to-highest-in-over-seven-months-on-supply-worries.md) | +4.7% | +8.6% |
| WTI | 2016-12-01 | [Oil futures settle at 6-week high, above $50 after OPEC deal - MarketWatch](https://feedsoft.ai/events/9705-oil-futures-settle-at-6-week-high-above-50-after-opec-deal-marketwatch.md) | +0.8% | +8.8% |
| BRENT | 2022-10-05 | [Oil rises to 3-week highs as OPEC+ agrees to deep cuts, U.S. stockpiles fall \| Reuters](https://feedsoft.ai/events/39283-oil-rises-to-3-week-highs-as-opec-agrees-to-deep-cuts-u-s-stockpiles-fall.md) | +2.1% | +2.3% |
| BRENT | 2021-11-25 | [No shock and awe after U.S.-led emergency oil release: Kemp](https://feedsoft.ai/events/8416-no-shock-and-awe-after-u-s-led-emergency-oil-release-kemp.md) | -15.9% | -8.9% |
| BRENT | 2022-02-02 | [Oil edges higher after OPEC+ keeps to steady supply bump, U.S. stockpiles draw \| Reuters](https://feedsoft.ai/events/42628-oil-edges-higher-after-opec-keeps-to-steady-supply-bump-u-s-stockpiles-draw.md) | +4.1% | +20.3% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-falls-expected-deal-tap-emergency-crude-reserves-2021-11-23/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.