11/23/2021, 8:42 AM (Source: TeleTrader)
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Oil down as US prepares to release oil from SPR

Prices of oil futures declined on Tuesday after yesterday's United States media reports claimed that the country, alongside several other partners, is planning to release oil from the Strategic Petroleum Reserve (SPR). In addition, lockdown concerns in Germany seemingly affected oil demand prospects for Europe's largest economy.

Today, market participants will also await weekly data on US oil inventories compiled by the American Petroleum Institute (API).

West Texas Intermediate (WTI) for settlements in January 2022 was down 1.08% to sell for $75.92 per barrel at 2:29 am ET, while Brent for deliveries in the same month decreased by 0.73%, going for $79.11 per barrel a minute later.

Baha Breaking the News (BBN) / MS