U.S. Pins Possible Strategic Oil Release on Monthly Report This Week
- Last month the government forecast lower oil prices next year
- Global oil stocks seen declining rapidly on lower production
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A U.S. government report coming out Tuesday may determine whether the Biden Administration decides to release crude from the Strategic Petroleum Reserve.
Administration officials will likely be looking for a significant revisions to price forecasts and the balance of supply and demand from from last month’s Short Term Energy Outlook before making a decision. Last month it predicted that oil and gasoline prices would start to fall at the end of this year and slide further next year as the market returns to a surplus.