Oil Steadies As Release Of Reserves By US, India, Others Underwhelms
Oil edged higher as a planned coordinated release of strategic reserves by the U.S. and other nations fell short of expectations.
New Delhi, 24 November 2021
As per news report of NDTV, Futures in New York rose toward $79 a barrel after climbing 2.3% on Tuesday. The U.S. will release 50 million barrels, in concert with China, Japan, India, South Korea and the U.K. in an effort to tame prices. Much of the oil will need to be returned to the stockpile by those who buy it, however, and contributions from international partners were smaller than many had anticipated. Focus now turns to OPEC+ and how the group will respond to the move by some of its biggest customers. The alliance said prior to the announcement that a release is unjustified by current market conditions and that they may have to reconsider plans to add more supply at a monthly meeting next week.
Source - NDTV
If you like the story and if you wish more such stories, support our effort Make a donation.
Loading...