White House confirmed earlier speculations that will release 1 million barrels of oil per day from strategic reserves in order to lower fuel prices and fight inflation. The total will release 180 million barrels, which is the largest release in US history. Initially OIL.WTI pushed lower, however buyers manage to quickly regain control and price returned to local resistance at $104.15.
OIL.WTI, H4 interval. Source: xStation5
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