US Strategic Reserve Refill Boosts Oil Prices
TL;DR Summary
Crude oil prices rose as the US government announced plans to buy up to 3 million barrels for the strategic petroleum reserve, with a total of 9 million barrels already purchased. While the news provided support, concerns about China's oil demand and oversupply perceptions continue to cap gains. Despite OPEC+ production cuts, falling oil prices for seven consecutive weeks have been driven by expectations of slower demand growth and record-breaking US production. The true floor for oil prices remains uncertain.
- Oil Prices Continue to Climb on SPR Refill News OilPrice.com
- Oil prices hold steady, propped up by US purchases Yahoo Finance
- Oil extends gains on U.S. strategic reserve purchase CNBC
- Oil Prices Forecast: US Strategic Reserve Refill Plans Lift WTI and Brent Crude FX Empire
- US Wants to buy up to 3 Mn barrels for strategic reserve | World Business Watch | WION WION
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