U.S. Energy Department to announce loan from emergency oil reserve Tuesday- source

The U.S. Department of Energy is expected to announce a loan of oil from the Strategic Petroleum Reserve on Tuesday in coordination with other countries, a Biden administration source familiar with the situation said. The SPR "swap" will be coordinated with several countries, the source said.

The Biden administration has asked four Asian countries, including China, to consider releasing stocks of crude. The White House has also repeatedly pressed the OPEC producer group - which plans to meet on Dec. 2 - to maintain adequate global supply.

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