US to release 50m barrels of oil to ease energy costs

(Joe Giddens/PA)

US President Joe Biden has ordered 50 million barrels of oil released from the strategic reserve to help bring down energy costs, in co-ordination with other major energy consuming nations, including China, India and the UK.

The move is aimed at global energy markets, but also at voters who are coping with higher inflation and rising prices ahead of Thanksgiving and winter holiday travel.