US plans to release millions of barrels of oil from strategic reserves in coordination with other large consuming nations, including China, Japan and India.
The US will release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain to control oil prices. But will this be enough? Let's find out
TOKYO (Reuters) -Oil prices largely held gains Wednesday, with investors sceptical about the effectiveness of a U.S.-led coordinated release of stocks from strategic reserves and turning their focus to the next step by oil producers.
China's state reserve bureau later said it is working on a release of crude oil reserves but declined to comment on the U.S. request.
U.S. West Texas Intermediate (WTI) crude futures fell 12 cents, or 0.2%, to $78.38 a barrel at 0122 GMT, reversing out of a 2.3% gain in the previous day
European shares slumped to a three-week low during their biggest daily loss in nearly two months as a resurgence in COVID-19 cases raised fears of tighter restrictions.
WASHINGTON (Reuters) - The administration of U.S. President Joe Biden announced on Tuesday it will release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, to try to cool prices after OPEC+ producers repeatedly ignored calls for more crude.
Global oil prices rebounded to a one-week high on Tuesday after the move by the United States and other consumer nations to release oil from strategic petroleum reserves
India's crude oil production fell 2.15% in October as state-owned firms produced less but, natural gas output rose by a quarter on the back of output from KG-D6 fields of Reliance-BP
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NEW YORK (Reuters) -Oil prices rose on Monday, rebounding from recent losses, on reports that OPEC+ could adjust plans to raise oil production if large consuming countries release crude from their reserves or if the coronavirus pandemic dampens demand.
The move, likely in conjunction with India, Japan and South Korea, would be an unprecedented effort by major oil consumers to tame prices.
India is working on ways to release crude oil from its strategic storages in tandem with other major economies to dampen prices, a top government official said
Brent lost 26 cents, or 0.3%, to $78.63 a barrel as of 0725 GMT and U.S. West Texas Intermediate (WTI) crude futures were down 12 cents, or 0.2%, at $75.82 a barrel
Crude oil fell to seven-week lows on Monday, extending declines after the previous session's slide
Amid a global surge in inflation and rising crude oil prices, markets expect central banks to hike interest rates sooner than expected
NEW YORK (Reuters) - Oil prices fell about 3% to below $80 a barrel on Friday as surging COVID-19 cases in Europe threatened to slow the economic recovery while investors also weighed a potential release of crude reserves by major economies to cool prices.
Brent crude was down $2.44, or 3%, at $78.80 a barrel by 1110 GMT, its lowest since early October, after earlier rising to as high as $82.24
Brent crude was up 28 cents or 0.3% at $81.52 a barrel by 0145 GMT, after falling to a six-week low on Thursday before rebounding to close 1.2% higher.
Prices fell to the six-week lows early in the session as China said it was moving to tap reserves