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BREAKING: Oil jumps as US officials hint at reserve refilling

2:32 PM 4 December 2023

Oil jumped around 1% this afternoon following comments from Deputy US Energy Secretary Turk. Turk said that while refill of the US oil reserves is limited by physical constraints, the United States is going to take advantage of low oil prices and aims to buy as much oil as possible. This headline triggered a jump in oil prices, with Brent (OIL) moving from around $78.18 per barrel to $78.98 per barrel before erasing part of the move. Nevertheless, crude prices are still around 0.5% lower on the day.

Source: xStation5

 

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