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The US Department of Energy reported that the country's authorities approved the sale of 11 million barrels of oil from the strategic reserve in the period from October 1 to November 30 this year. The Budget Law of 2015 and the Health Act of 2016 provide for the sale of part of the fuel from the reserve. If, in view of sanctions against Iran, the supply in the market is greatly reduced, then the US authorities can put up to 30 million barrels of oil for sale. The ministry noted that by 2027 the volume of reserves could be reduced to 410 million barrels, and funds from the sale of fuel will go to the US federal budget.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
Britain on Wednesday signed a supply deal for up to 60 million doses of a possible COVID-19 vaccine that is being developed by pharmaceutical companies GlaxoSmithKline (GSK) and Sanofi. The financial details of the agreement were not disclosed. However, ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
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