Oil Falls as US Looks to Sell More Supply From Strategic Reserve

WTI futures drop after close of regular trading session
Administration is putting 26 million barrels into the market

Russia Is Cutting Oil Output by 500,000 Barrels a Day

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Julia Fanzeres, Immanual John Milton, and Natalia Kniazhevich

February 12, 2023 at 11:32 PM UTC

Updated on

February 13, 2023 at 8:59 PM UTC

This article is for subscribers only.

Oil fell after the close of the regular trading session on a Bloomberg News report that the US plans to sell more crude from the Strategic Petroleum Reserve, adding supplies to an already-glutted market.

The US is looking to sell 26 million more barrels from the reserve, with deliveries taking places between April and June. West Texas Intermediate, the US benchmark for crude, fell 1% to trade near $79 a barrel after the announcement on Monday.