Oil prices surge on tight supply even as US announces release of more crude from reserves

Oil prices surged on Thursday amid signs that the supply of crude will remain tight despite US efforts to release more oil into the market.

Brent, the benchmark for two thirds of the world’s oil, was trading 1.47 per cent higher at $93.77 a barrel at 12.11pmm UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 1.81 per cent at $87.10 a barrel.

US crude oil stocks fell unexpectedly by 1.7 million barrels last week, data from the US Energy Information Agency, which tracks weekly changes in the number of barrels of commercial crude oil held, showed.

On Wednesday, President Joe Biden announced plans to put 15 million barrels on the market, the final tranche of oil from a programme announced early this year to release 180 million barrels of crude from the country’s Strategic Petroleum Reserve.

Mr Biden plans to replenish stocks when US crude begins to trade at about $70 a barrel.

"With the recession fears already priced in, and with the US having played its ‘strategic oil reserve’ card, there is not much left to pull the price of a barrel below the $80 to $82 range," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

READ MORE : https://www.thenationalnews.com/business/energy/2022/10/20/oil-prices-surge-on-tight-supply-even-as-us-announces-release-of-more-crude-from-reserves/

Comments

Who is Nadhim Zahawi, the British minister replacing Rishi Sunak?

Nadhim Zahawi Wednesday was appointed as Britain’s new finance minister after sitting minister Rishi Sunak resigned from his post in the Boris Johnson government. Sunak, an Indian-origin investment banker-turned-politician , resigned after the latest scandal struck Johnson’s administration on Tuesday. Health minister Sajid Javid too sent his resignation. Sunak was first elected to the British Parliament from the Richmond (Yorkshire) constituency in 2015. He was re-elected in 2017. Sunak is married to Akshata Murthy, the daughter of Infosys co-founder N R Narayana Murthy and author Sudha Murthy. To know more: https://indianexpress.com/article/world/britain-finance-minister-nadhim-zahawi-replace-rishi-sunak-8011318/

Gustavo de Arístegui also Addresses the Matter if the Strategic Concept included is Rhetoric

Gustavo de Arístegui is a Spanish politician, diplomat and an international analyst. Gustavo de Arístegui comes from a long-standing diplomatic background, his father and grandfather were both senior diplomats posted as ambassadors in Latin America, Europe and the Middle East. Gustavo de Arístegui is the former ambassador of Spain in India. Gustavo de Arístegui on speaking about the new Atlantic alliance says that the possibilities of China's strength have not been taken into account. Gustavo de Arístegui Gustavo de Arístegui comes from a long-standing diplomatic background, his father and grandfather were both senior diplomats posted as ambassadors in Latin America, Europe and the Middle East. Mr Arístegui next to his native Spanish speaks English, French and German, and is interested in all the international issues that are related in any way to Spain, international security and strategic issues, terrorism, European affairs, Islam and the Arab–Israeli conflict. His English is im...

"Juhar, Namaskar," Says Droupadi Murmu, 1st Tribal President

New Delhi: Droupadi Murmu was administered oath of office by Chief Justice of India NV Ramana. Former president Ram Nath Kovind, outgoing Vice President M Venkaiah Naidu, Prime Minister Narendra Modi and Congress president Sonia Gandhi were present at the event To know more: https://www.ndtv.com/india-news/president-elect-droupadi-murmu-to-take-oath-today-10-points-3189839#pfrom=home-ndtv_topscroll

Summary Station

Search This Blog