Crude Oil Up After U.S. Calls on China to Release SPR Oil

Crude oil futures rose last night (Nov. 18) after oil futures fell to a six-week low during the day.

WTI crude futures were up 65 cents, or 0.8%, to $79.01 a barrel.

BRENT crude futures were up 96 cents, or 1.2%, to $81.24 a barrel.

Crude oil futures recovered after falling to the lowest level in 6 weeks. The United States has been pushing China to reduce its oil reserves in order to depress global oil prices.

That was raised during a conference call between U.S. President Joe Biden and Chinese President Xi Jinping on Monday.

The United States has 727 million barrels of crude oil in its strategic reserves (SPR). China has about 200 million barrels of oil reserves. If both countries reduce their oil reserves, this will have a strong impact on world oil prices.

Whether China agrees to withdraw oil from reserves is yet to be seen. However, the U.S. is expected to announce the withdrawal of oil from SPR stockpiles as early as next week and to begin gradually bringing oil from SPR stockpiles to the market in early 2022.

The Spot Market is Open

Friday, November 19, 2021

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
12.00

79.50

+0.49

0.62%

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