Commodities

Commodities

Date : 2023-02-14
Time : 10:00:00
Commodities
  • Oil prices fell on Tuesday after the U.S. government said it would release more crude from its Strategic Petroleum Reserve (SPR) as mandated by lawmakers, defying expectations from some traders that the release could be cancelled or delayed.
  • Brent crude futures fell by 70 cents, or 0.81%, to $85.91 per barrel by 0256 GMT, while U.S. crude futures fell by 93 cents, or 1.16%, to $79.21 per barrel.
  • The Biden Administration said on Monday that it will sell 26 million barrels of crude from the SPR as part of a release mandated by Congress. The sale comes after the Department of Energy released a record 180M barrels from the reserve in 2022 to combat rising fuel prices.
  • Last year, as Russian natural gas supplies to Europe dwindled, buyers on the continent hoarded gas at record prices and injected it into storage in preparation for a grim winter. 
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