Oil eked out a gain on Monday as Saudi Arabia is raising prices, but the rally cooled after the U.S. signaled measures to ease oil and gasoline prices. Futures in New York closed 0.8% higher, paring gains of as much as 1.7% earlier in the session. U.S. Energy Secretary Jennifer Granholm said that President Biden may make an announcement to address high oil and gasoline prices this week. Granholm didn’t specify any particular measures, but the U.S. has said that releasing crude from the Strategic Petroleum Reserve is one option it’s considering to cool prices. Still, prices were supported by the biggest increases to some of Saudi Arabia’s official selling prices in decades at the end of last week. Asian buyers will probably take their full contractual volumes of oil next month, despite the higher costs, signaling a strong market. The markets traded sideways throughout most of the afternoon, […]