Haberler      English      العربية      Pусский         Kurdî      Türkçe Delivering News and Insights Around the World Keltis
  En.Haberler.Com - Latest News
SEARCH IN NEWS:
  HOME PAGE 26/01/2022 14:34 
09.11.2021 11:27 News >> Oil Flat As Investors See Low-Impact Of US Threat Of Releasing Stock From Reserves

Oil Flat As Investors See Low-Impact Of US Threat Of Releasing Stock From Reserves

Analysts say US move to sell oil from strategic reserves may not result in oil price fall that White House expects.

Oil prices were flat on Tuesday as investors digested the possibility and impact of the US release of oil from strategic reserves, which the US administration said is "on the table" after OPEC+ rebuffed calls to produce more oil.
International benchmark Brent crude was trading at $83.40 per barrel at 0625 GMT for a 0.03% decrease after closing the previous session at $83.43 a barrel.
American benchmark West Texas Intermediate (WTI) traded at $81.92 per barrel at the same time for a 0.01% loss after it ended the previous session at $81.93 a barrel.
Energy Secretary Jennifer Granholm said on Monday that US President Joe Biden might respond to rising fuel prices "as soon as this week".
"He's certainly looking at what options he has in the limited range of tools a president might have to address the cost of gasoline at the pump because it is a global market," Granholm said.
With the US suffering from high gasoline prices, the president has been insisting major OPEC+ oil producers increase their combined output. However, the OPEC+ group prefers to keep production unchanged "to provide clarity to the market at times when other parts of the energy complex outside the boundaries of oil markets are experiencing extreme volatility and instability."
Although the country threatened the group to release oil from its Strategic Petroleum Reserves (SPR) or to use other options, including export bans, analysts predict the move may not end up with the drop that the White House expects.
The US on Saturday passed an infrastructure bill, which includes a number of initiatives aimed at weaning the country off oil and other fossil fuels in the long run. The move in the short term boosted hopes of economic growth and demand for oil.
Additional market stimulus came on Friday when Saudi Arabia's state oil company Aramco announced its intention to boost the official selling price of its Arab Light crude for Asian consumers from $1.40 to $2.70 per barrel.
Investors interpreted this move as strengthening demand on global markets that are still subject to supply pressure. -



        Latest News
Barcelona Center Sertac Sanli Tests Positive For COVID-19 11 minutes ago...
30 year old in good health, has quarantined at home, says club statement.
EU 'Strongly' Condemns Coup In Burkina Faso 11 minutes ago...
EU foreign policy chief warns of ‘immediate consequences’ for partnership with Burkina Faso if constitutional order not restored.
UN Dispatches 70 Truckloads Of Aid To Idlib, Syria 11 minutes ago...
Aid to be distributed in urban, rural areas of opposition held province.
Turkiye Condemns Terror Attack On Iraqi Parliament Speaker's Home 11 minutes ago...
‘We hope the perpetrators are identified and brought to justice as soon as possible,’ says Foreign Ministry statement.
Italian School Teacher Makes It Her Mission To Clean Up Europe's Beaches -20 minutes ago...
Carola Farci treks around to seaside and rivers after seeing how far pollution reaches, even depositing garbage where only scuba divers go.

 
      Top News
Israeli President To Make First Official Visit To UAE Israeli President To Make First Official Visit To UAE
Germany, France Call For Diplomatic Solution To Ukraine Crisis Germany, France Call For Diplomatic Solution To Ukraine Crisis
'2021 Global Air Travel Demand Still 58% Lower Than Pre-Pandemic Level' '2021 Global Air Travel Demand Still 58% Lower Than Pre-Pandemic Level'
Christian Eriksen Trains With Ajax Youth Team Christian Eriksen Trains With Ajax Youth Team
IMF Revises Down 2022 Global Growth Forecast To 4.4% IMF Revises Down 2022 Global Growth Forecast To 4.4%
Russia Says It Follows US Actions On Ukraine 'With Great Concern' Russia Says It Follows US Actions On Ukraine 'With Great Concern'
Turkish Doctor Performs 1,000Th Parkinson's Disease Operation Turkish Doctor Performs 1,000Th Parkinson's Disease Operation
Qatari, US Officials Speak By Phone Qatari, US Officials Speak By Phone
Algeria's Tebboune Arrives In Egypt For Official Visit Algeria's Tebboune Arrives In Egypt For Official Visit
Turkiye's Borsa Istanbul Drops 5% At Close Turkiye's Borsa Istanbul Drops 5% At Close