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Oil Dips After US Announces SPR Sale to Help Ease Supply Crunch

  • DOE to offer over 40 million barrels of SPR crude oil
  • Beijing rolls out measures to try to support Covid-hit economy
Updated on

Oil closed lower for a second day after the US Department of Energy announced it’s offering to sell up to 40.1 million barrels of crude as part of President Biden’s March announcement to release in stages one million barrels of oil per day for six months.

West Texas Intermediate futures settled just below $110 a barrel, the lowest level in nearly a week, after the DOE said it will release as much as 39 million barrels of sour crude for supply during July 1-August 15, according to a statement. The remaining 1.1 million would be sweet crude for June 21-30 supply, it said.