Business News Asia
WTI crude futures rose 87 cents, or 1.1%, to $78.30 a barrel.
Brent crude futures rose 87 cents, or 1.1%, to $81.95 a barrel.
Both crude oil futures closed higher tonight (Oct. 7) after the U.S. Department of Energy confirmed that the U.S. government has no plans to draw down its strategic reserves (SPR).
Previously, there was speculation that the U.S. government might consider drawing oil from SPR stockpiles or suspending oil exports to lower the cost of crude oil prices and support domestic oil demand.
However, the U.S. Department of Energy confirmed that the U.S. government currently has no plans to withdraw oil from SPR reserves and the U.S. has a number of tools to address tight energy supplies in the market.
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Friday, October 8, 2021