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Oil Slips to Nearly Six-Week Low as Traders Weigh SPR Release

  • Biden and Xi discuss releasing oil from strategic reserves
  • Crude stockpiles in the U.S. fell first time in a month: EIA
Home Heating Oil Deliveries As Market Surges
Photographer: Luke Sharrett/Bloomberg
Updated on

Oil tumbled to the lowest in nearly six weeks as investors considered the prospect of a release of crude supplies from strategic reserves. 

Futures in New York closed down 3% on Wednesday with both benchmarks dropping below their 50-day moving averages. President Joe Biden and his Chinese counterpart Xi Jinping discussed the merits of releasing oil from their reserves in a virtual summit Monday but didn’t make a decision, according to officials familiar with the discussions. In a letter on Wednesday, President Biden urged the Federal Trade Commission to probe possible illegal conduct in U.S. gasoline markets.