oil futures climbed tuesday with us prices settling at their highest in two weeks some analysts pointed out that talk of a potential release of crude from the us strategic petroleum reserve highlights a shortage of crude supplies an spr release would be a shortterm measure at best since any inventory drawn from the reserve would have to eventually be replenished manish raj chief financial officer at velandera energy partners told marketwatch oil prices may even rise in response to an spr release he said as the move will be seen as a desperate attempt that highlights the acute shortage of oil meanwhile the energy information administration lifted its 2021 price forecasts for regular retail gasoline and us benchmark crude december west texas intermediate oil clz21 rose 222 or 27 to settle at 8415 a barrel on the new york mercantile exchange the highest frontmonth contract finish since oct 26 according to factset data