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- Oil market developments: Saudis to lower prices for Asia, US Biden expected to release more SPR
Oil market developments: Saudis to lower prices for Asia, US Biden expected to release more SPR
A series of news regarding the oil sector has come out in early Asia which may have an impact on the price of oil in the coming sessions.
Firstly, the US Department of Energy said it sold 15 million barrels of oil from the Strategic Petroleum Reserve which has completed the last batch of the largest-ever release from the stockpile. therefore, US President Joe Biden will be expected to release more. Additionally, the Saudis have said they will lower oil prices for Asian customers next month. This news dropped at the same time that the G7 agreed to fix a price cap on Russian oil.
Meanwhile, US oil declined on Thursday, with prices pressured by strength in the US dollar and concerns that aggressive rate hikes by Federal Reserve will lead to an economic recession. At the time of writing, WTI is trading at $87/95bbls.
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