: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 per cent, to $85.91 p
:Oil prices fell on Tuesday after the U.S. government said it would release more crude from its Strategic Petroleum Reserve as mandated by lawmakers, defying expectations from some traders that the release could be cancelled or delayed.
The U.S. Department of Energy 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. 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.
"Any higher-than-expected data may cause a renewed sell-off in risk assets, including oil," Tina Teng, an analyst at CMC Markets said.
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