SPR to release 1 million b/d for up to six months Analysts question long-term impact OPEC+ sticks to planned output hike Crude oil futures settled sharply lower March 31 after the White House announced it will release up to one-third of the nation’s Strategic Petroleum Reserve over the next six months in a bid to combat high energy prices.
NYMEX May WTI settled down $7.54 at $100.28/b and ICE May Brent declined $5.54 to $107.91/b. The Biden administration will release an unprecedented 1 million b/d from the US Strategic Petroleum Reserve for the next six months as part of efforts to rein in gasoline prices that have soared following Russia’s invasion of Ukraine, the White House said March 31. Crude prices, which had settled higher the session prior, tumbled overnight amid early reports of […]