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Economy

Oil rises 3% to 1-week high after U.S. taps emergency reserves

Attempt to cool market likely brief as COVID recovery set to push prices up

Oil storage tanks in Los Angeles. The U.S. is set to release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and the U.K.   © Reuters

NEW YORK (Reuters) -- Oil prices rose to a one-week high on Tuesday after a move by the United States and other consumer nations to release tens of millions of barrels of oil from reserves to try to cool the market fell short of some expectations.

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