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Biden Officials Consider Additional SPR Releases, WTI Extends Rebound

OIL
  • BIDEN OFFICIALS WEIGH OPTIONS TO COMBAT FEARED OIL PRICE SPIKE - bbg
  • OPTIONS INCLUDE POSSIBILITY OF ADDITIONAL SPR RELEASES - bbg
  • Bloomberg sources: The officials are warning of an increase in prices this December when EU sanctions on Russian supplies take effect, unless other steps are taken, according to people familiar with the deliberations. The talks are preliminary and no decision has been made, the people said.
  • "Additional releases from the Strategic Petroleum Reserve, or SPR, could be made in November, December or January but no decision has been reached, the people said. The potential size of any additional SPR drawdown isn’t known."
  • WTI Oil Extends Rebound in Oversold Market, Climbing 2.8% to Session-High $84.25 - DJ
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