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/

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