Refiner Valero Energy said it expects the Biden administration to continue releasing oil from the U.S. emergency reserve through the rest of the year and said it expects to continue buying the barrels of crude.

President Joe Biden last week announced a plan to release 15 million barrels of oil from the Strategic Petroleum Reserve (SPR) – part of a record 180 million-barrel release that began in May, and added the United States is ready to tap reserves again early next year to rein in prices.
Source: Reuters (Reporting by Arathy Somasekhar in Houston)