Crude oil futures closed slightly lower in sluggish trading. The market was pressured by a stronger dollar as well as the possibility that the U.S. could withdraw crude oil from its strategic reserves (SPR).
- WTI crude futures were up 9 cents, or 0.1%, at $80.88 a barrel.
- Brent crude futures were down 12 cents, or 0.2%, at $82.05 a barrel.
Oil markets have been negatively impacted by the possibility that the U.S. government may draw oil from SPR stockpiles. In particular, the U.S. Senate has called on the government to drain oil from the stockpiles in order to stop the rise in gasoline prices before Americans head into the vacation season.
Investors are paying attention to the weekly U.S. crude oil inventory report. The information is due to be published tomorrow by the U.S. Energy Information Administration (EIA).
The Spot Market is Open
Tuesday, November 16,2021