Oil eases as traders weigh Biden plan and mixed report on US inventories

Oil prices have retreated since hitting a seven-year peak last month, and traders and analysts are now assessing the market's likely trajectory into 2022.

Photo: Jan Unger

Oil declines somewhat Wednesday as investors weigh whether or not the Biden administration will tap national oil reserves in a coordinated move with nations such as China and a mixed report on US stockpiles.

A barrel of European reference oil Brent trades Wednesday morning for USD 81.71 against USD 81.94 on Tuesday afternoon. US counterpart West Texas Intermediate sells concurrently for USD 80.11 against USD 80.67 on Tuesday afternoon.

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