Oil drops as US gasoline stock draw boosts prospects of SPR release


Oil fell on Wednesday after an industry report showed US gasoline stocks dropped more than expected last week, potentially heightening pressure on the Biden administration to release oil from emergency reserves to cap soaring fuel prices.

US West Texas Intermediate (WTI) crude futures fell 69 cents, or 0.9%, to $80.07 a barrel at 0635 GMT, extending a 12 cent loss from Tuesday.

Brent crude futures dropped 66 cents, or 0.8%, to $81.77, erasing Tuesday’s 38 cent gain.

US President Joe Biden has been considering releasing oil from the Strategic Petroleum Reserve (SPR) to cool gasoline prices, which hit a record high at California pumps this week. Lawmakers, however, have mixed views on whether it is needed. The United States is the world’s biggest oil user.

News Source:- MoneyControl

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