Prices shot up yesterday with temperatures continuing to decline and gas flows from Norway decreasing, currently unknown why. Trading this morning is sparse as the market takes check of yesterdays run up. Yesterday the US announced plans to tap into its strategic petroleum reserves along with other nations, including the UK in a bid to curb high oil prices. However, ironically this rallied the price of oil as the markets perceive this as failing to negotiate with OPEC to increase production, and conceding they have lost the battel against them. A barrel of Brent jumped from $78 to $82 intraday.
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