Oil Slips After Close as U.S. Eyes SPR Release to Quell Prices
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Oil slipped after market hours on news that the U.S. is considering a potential release from its oil reserves in coordination with allies.
Futures in New York closed up 0.2%, before slipping. The Biden administration is considering tapping its emergency supply of oil again in coordination with allies to counter a surge in prices brought on by Russia’s moves against Ukraine, according to two people familiar with the matter. Earlier in the day, crude swung throughout the session with markets focused on ongoing Russia-Ukraine tensions while weighing a potential conclusion to nuclear talks with Iran, which could add supply to the market.