Oil futures put in a mixed performance after the U.S. and other countries announced a coordinated release of crude from their strategic reserves.
Oil futures were putting in a mixed performance Tuesday after the U.S. and other countries announced the release of crude from strategic reserves in a bid to push down soaring energy prices.
The White House said the U.S. would release 50 million barrels of crude from its Strategic Petroleum Reserve, or SPR, while China, India, South Korea and the U.K. would tap their supplies. Talk of a coordinated release has hung over the oil market in recent weeks. “Action from the U.S. and other key consumers has been priced in by markets to a certain extent,” said Warren Patterson, head of commodities strategy at ING, in a note ahead of the announcement. He noted, however, that uncertainty had remained over the size of the increase.
Oil initially extended a decline after the White House announcement, but then trimmed or erased losses. West Texas Intermediate crude for January delivery CL00, +0.18% CLF22, +0.18% was off 9 cents, or 0.1%, at $76.66 a barrel on the New York Mercantile Exchange. January Brent crude BRN00, +0.49% BRNF22, +0.49%, the global benchmark, was up 19 cents, or 0.2%, at $79.89 a barrel on ICE Futures Europe.
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