Oil slips on plans to tap emergency crude reserves

SULAIMANI (ESTA) — Oil prices fell on Tuesday on growing talk the United States, Japan and India will release crude reserves to tame prices.

Brent crude futures fell 46 cents to $79.24 a barrel at 0545 GMT, while U.S. West Texas Intermediate (WTI) crude futures dropped 61 cents to $76.14.

“U.S. President Joe Biden is said to be preparing to announce a release of oil from its strategic petroleum reserve in concert with several other countries,” Reuters quoted ANZ as saying.

The United States is expected to announce a loan of crude oil from its emergency stockpile on Tuesday as part of a plan it hashed out with major Asian energy consumers to lower energy prices, a Biden administration source familiar with the situation said, according to Reuters.

Both benchmarks rose 1% on Monday on reports that OPEC, Russia and their allies, together called OPEC+, could adjust their plan to raise oil production if large consuming countries release crude from their reserves or if the pandemic dampens demand.

Previous Article

International energy group sees OPEC+ sticking with output increases

Next Article

U.S. tells citizens ‘do not travel to Iraq due to terrorism, civil unrest’  

Related Posts