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Biden announces release of strategic oil reserve

White House says it will make available up to 50 million barrels of oil from the US Strategic Oil Reserve

  • It’s about lowering prices for Americans and addressing the mismatch between supply and demand.
  • This output will be taken in parallel with other nations
  • Namely China, India, Japan, Korea, UK
  • 32 million barrels will be traded over the next few months, releasing oil that will eventually return to the SPR in the years to come
  • 18 million barrels will be an acceleration in the coming months of an oil sale that Congress previously authorized
The full White House statement is available here. Adding that the United States is ready to take additional measures if necessary to remedy the situation in the oil market.

Oil is a little lower on the news, but not by much. WTI crude is at the daily low of $ 75.40 but still holds above the $ 75 mark for now as it is a noticeable support level over the last sessions.

As mentioned earlier, there could be a slight drop in Oil, but I expect any nearby drop to be redeemed now that the major risks are out of the way and as we approach key moving average technical support on 100 days close to $ 74.22.

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