US seeks up to 6 million barrels of oil
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Exclusive: US to seek 6 million barrels of oil for reserve, amid low oil price
The Biden administration will seek up to 6 million barrels of oil for the Strategic Petroleum Reserve, a source familiar with issue said on Tuesday, a purchase that if completed will match its largest yet in the replenishment of the stash after a historic sale in 2022.
DOE Seeks 6 Million Barrels of Oil for Strategic Petroleum Reserve
The DOE said it has bought more than 50 million barrels so far at an average price of $76 a barrel. The SPR held 380.6 barrels of oil as of Sept. 13, according to the U.S. Energy Information Administration. Write to Anthony Harrup at [email protected]
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WTI futures traded around $70.30 per barrel, as of 9 a.m. ET. That’s an increase of 0.90% in the last 24 hours.
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