Biden admin weighs 180 million bbl draw of oil from emergency reserves over months -sources

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FILE PHOTO: A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport

WASHINGTON (Reuters) – The Biden administration is weighing a draw of oil from emergency reserves of up to 180 million barrels over several months, two U.S. sources said on Wednesday.

The move is an attempt to control oil prices that have shot over $100 a barrel on Russia’s invasion of Ukraine and on high global demand.

(Reporting by Timothy Gardner and Jarrett Renshaw; Editing by Muralikumar Anantharaman)