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- Some of the world’s biggest crude oil buyers said on Thursday they are looking at tapping strategic oil reserves after several sources told Reuters the United States had requested a coordinated move to cool global energy prices.
- OPEC and other producers including Russia, known collectively as OPEC+, have been adding around 400,000 barrels per day to the market on a monthly basis, but have resisted Biden’s calls for more rapid increases, arguing the rebound in demand could be fragile.
- Brent oil futures were down 0.47% to $79.90 by 23:14 PM ET (4:14 AM GMT), after sliding 2.6% to its lowest close since early October 2021 on Wednesday. WTI futures fell 0.76% to $76.96, after tumbling 3% overnight.
- Oil climbed to seven-year highs in October, thanks to increased fuel demand as COVID-19 lockdowns were lifted and the Organization of the Petroleum Exporting Countries (OPEC) and allies (OPEC+) increased supply slowly.