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. said after the previous session ended that it would sell 26 million barrels of oil from the SPR, a release that would likely push the reserve to its lowest level since 1983.
"Energy traders were expecting to hear news about refilling the SPR and not tapping them for more supplies," Edward Moya, an analyst at OANDA said. The DOE had considered cancelling the fiscal year 2023 sale after U.S. President Joe Biden's administration last year sold a record 180 million barrels from the reserve. But that would have required Congress to act to change the mandate.
Traders will be looking for clues from Tuesday's crucial U.S. consumer price index data for January. U.S. monthly consumer prices instead of falling as previously estimated, raising the risk of higher inflation readings in the months ahead.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden to sell 26 million barrels more from the Strategic Petroleum ReserveThe Biden administration announced that 26 million barrels of oil will be sold from the Strategic Petroleum Reserve from April through June under a pair of Obama era laws.
Read more »
U.S. to sell 26 mln bbls of oil reserves as mandated by CongressThe Biden administration said on Monday it is selling 26 million barrels of crude oil from the Strategic Petroleum Reserve, a release that had been mandated by Congress in previous years.
Read more »
Town investigating illegal dumping of petroleum product into N.J. stormwater systemAn oily sheen was detected Jan. 26 in a small tributary, town officials said.
Read more »
Maum Capital Group & Globalgate Entertainment Strike Strategic & Financial AlliancePrivately held, Korea-founded Maum Capital Group, together with its subsidiaries and affiliates, has made a significant undisclosed investment in Globalgate Entertainment, creating a strategic and financial alliance
Read more »
Sale of tickets to see new Alamo center begins TuesdayTickets for a limited March 2 preview of the new Alamo Collections Center and exhibit hall...
Read more »
NORAD gives notice of air defense exercise around Washington, DC, set for TuesdayThe North American Aerospace Defense Command, or NORAD, will conduct an air defense exercise overnight on Tuesday, amid the shooting down of several unidentified objects.
Read more »