Explainer-Oil price spike leaves limited options for Biden

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Reuters

By Jessica Resnick-Ault NEW YORK (Reuters) – Two months after U.S. President Joe Biden announced an unprecedented effort among major oil consuming economies to work together to bring down rising fuel prices, prices are again approaching multi-year highs. And Biden has few options to stop the rally. Global benchmark Brent crude passed $84 a barrel on Wednesday and leading analysts are forecasting that oil could pass $100 a barrel in the first quarter. [O/R] Biden spearheaded a coordinated release of oil from strategic reserves with Japan, India, South Korea, Britain and China in November that h…

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