Oil Rebounds After Rick Perry Rules Out Tapping Strategic Crude
- Domestic crude inventories rose 1.85 million barrels: EIA
- Global market ‘all of a sudden looks tighter’: Price’s Flynn
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Crude erased most of the day’s losses after U.S. Energy Secretary Rick Perry said the nation’s strategic oil reserves won’t be tapped to expand global supplies.
Selling some of those reserves would have a “fairly minor and short-term impact,” Perry told reporters in Washington on Wednesday. As sanctions squeeze Iranian crude out of global markets, there are opportunities for other major crude producers to fill supply voids, he said.