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Jet Hit by Lockdowns and Stock Fiasco

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Tuesday’s mass Strategic Petroleum Reserve (SPR) release by the US and other big oil consumers backfired spectacularly. The unprecedented release was aimed at lowering pump prices. But oil rose sharply after traders seized on fears the move could actually lead to Opec-plus tightening crude supplies. International benchmark Brent jumped by more than $2.50 per barrel to end the short reporting week at $82.31/bbl Tuesday, up $1.07/bbl on last week. US price-pin West Texas Intermediate leapt almost $2/bbl but still finished the week 51¢/bbl lower at $78.50/bbl. China, Japan, India, the UK and South Korea joined in with the US-orchestrated SPR release which was jointly estimated at up to 70 million barrels.

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