Oil advanced above $81 a barrel as investors continued to wait to see whether the Biden administration will release crude from the nation’s emergency reserves to tackle soaring U.S. gasoline prices. West Texas Intermediate rose 0.8% after erasing losses on Monday to end little changed. Gasoline pump prices have surged to a record in California amid a string of calls for Joe Biden to intervene, including pleas from senior members of his own party. Despite the clamor, the president hasn’t yet taken that step. Investors also weighed the outcome of a virtual summit between Biden and Chinese leader Xi Jinping. During the meeting, the pair spoke of the need for bilateral cooperation, with both sides aiming to stabilize the U.S.-China relationship, while also downplaying expectations for major breakthroughs. Since hitting a seven-year high above $85 a […]