Oil Advances With Global SPR Release Smaller Than Expected

Oil climbed by the most in two weeks as a landmark plan from consumer countries to tap their strategic oil reserves was less severe than markets expected.

Futures in New York rose as much as 2.6%, erasing earlier losses, after Tuesday’s statement from the White House. While the headline size of the U.S. release is large, a significant chunk of the crude will be borrowed — to be returned later — leaving traders expecting tighter balances down the line. The U.S. is making the move in concert with China, Japan, India, South Korea and the U.K.