President Trump approves the use of the US emergency oil supply after prices rose as much as 18 percent following air strikes on Saudi oil facilities
Trump, in a series of tweets, said that he had ordered that oil from the Strategic Petroleum Reserve, or SPR, be used"if needed." He said he would use enough oil"sufficient to keep the markets well-supplied."Trump said he would take other steps to calm markets. "I have also informed all appropriate agencies to expedite approvals of the oil pipelines currently in the permitting process in Texas and various other States," he added.
"A small $2-$3 per barrel premium would emerge if the damage appears to be an issue that can be resolved quickly, and $10 if the damage to Aramco's facilities is significant," Ayham Kamal of the Eurasia Group said in a research note.Two other analysts told CNN Business they believe prices could jump $15 per barrel because of the amount of Saudi oil affected by the attacks.
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