SPR Release Bullish for Oil Next Year, Analyst Sen Says Oil edged slightly lower a day after U.S. stockpiles rose and the day after the announcement of a coordinated release crude from strategic reserves. Futures in New York closed down 0.1%. A government report showed U.S. stockpiles increased 1.02 million barrels last week. The White House announced on Tuesday a release of 50 million barrels from its reserves in coordination with the U.S., China, Japan, India, the U.K., and South Korea. “A tiny headline build, an expected production rebound, and as the U.S. returns to being an oil importer, was not enough to do anything for crude prices,” said Ed Moya, senior market analyst at Oanda Corp. The release of reserves was already priced into the oil markets for weeks, with oil having fallen $10 from its multiyear highs in October. The focus now turns to OPEC+ and how […]