Oil prices fell after the US government said it would release more crude from its strategic oil reserve, Reuters reported on February 14.
Brent oil futures were down 80 cents, or 0.9%, at $85.81 a barrel by 13:00 GMT, while US oil futures were down $1.05, or 1.3%, at $79.09 a barrel.
The US Department of Energy (DOE) said it would sell 26 million barrels of oil from the SPR, already at its lowest level since 1983.
The US Treasury was considering canceling the fiscal 2023 sale after US President Joe Biden’s administration sold a record 180 million barrels of the stockpile last year. But that would require action by Congress to change the mandate.
Supply concerns also eased after the Energy Information Administration said it expects record March output from seven of the largest US shale basins.
Crude oil exports have also resumed at a key Turkish port hit by a devastating earthquake.
A Reuters poll showed that most economists expect the US Federal Reserve to raise interest rates at least two more times in the coming months. Higher inflation and subsequent rate hikes could put pressure on risky assets like oil.
Source: Rossa Primavera
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