Oil on longest weekly run of drops since March amid SPR pressure

President Biden kept investors guessing about whether he'll act to tame oil prices

Oil headed for its longest run of weekly losses since March as President Joe Biden kept investors guessing about whether he’ll act to tame prices that have helped to stoke a surge in US inflation, hurting consumers.

West Texas Intermediate fell 1.9 per cent, putting crude on course for a third weekly fall. Biden is weighing moves that include releasing oil from the Strategic Petroleum Reserve to try to bring down the cost of gasoline at the pump, which has hit a seven-year high.

For several weeks, a small group of his top aides has discussed possible moves, according to people familiar