PRESS ROOM
Oil comes down again as US releases more barrels from strategic reserve
Friday 28th October '22
On October 19th, President Biden announced that US will release 15 million more barrels of oil from its strategic reserves. This is the final tranche of the 180 million barrels in total that have been released from the reserve since May. The US administration has suggested that it will look to refuel the strategic reserve when prices fall below $70/barrel. Both WTI and Brent oil benchmarks have edged lower during the month of October.