“Oil is trading higher this morning after U.S. Energy Secretary Rick Perry said that there are no plans for the U.S. to release oil from its Strategic Petroleum Reserves,” according to Warren Patterson, commodities strategist at ING Bank. “There had been a growing view in the market that the U.S. would take such action in order to counter the impact from sanctions on Iran, particularly after OPEC+ members ignored President Trump’s request to increase production,” Mr. Patterson said. U.S. Energy Secretary Rick Perry speaks during joint press conference on Sept. 18 in Bucharest, Romania. Photo: daniel mihailescu/Agence France-Presse/Getty Images The Organization of the Petroleum Exporting Countries and its production allies, including Russia, agreed at a meeting in Algiers on Sunday to adhere to current production quotas first implemented at the start of 2017. That means continuing a gradual ramp-up in production the producers had agreed to at the start […]