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Oil prices extend gains on US plans to refill reserve, Canada's wildfires
Oil prices extend gains on US plans to refill reserve, Canada's wildfires
Oil prices increased for a second straight day as the US intends to buy oil for the Strategic Petroleum Reserve (SPR) and wildfires in Canada raised supply worries. Brent crude futures gained 0.4% to $75.54 per barrel, while West Texas Intermediate crude rose 0.4% to $71.38 per barrel. The US Department of Energy announced plans on Monday to acquire 3 million barrels of crude oil for delivery in August, and bid requests are expected to be in by 31 May. Global crude supplies could also drop if OPEC+ goes ahead with further output cuts in H2 2022.
Oil prices increased for a second straight day as the US intends to buy oil for the Strategic Petroleum Reserve (SPR) and wildfires in Canada raised supply worries. Brent crude futures gained 0.4% to $75.54 per barrel, while West Texas Intermediate crude rose 0.4% to $71.38 per barrel. The US Department of Energy announced plans on Monday to acquire 3 million barrels of crude oil for delivery in August, and bid requests are expected to be in by 31 May. Global crude supplies could also drop if OPEC+ goes ahead with further output cuts in H2 2022.
Oil prices increased for a second straight day as the US intends to buy oil for the Strategic Petroleum Reserve (SPR) and wildfires in Canada raised supply worries. Brent crude futures gained 0.4% to $75.54 per barrel, while West Texas Intermediate crude rose 0.4% to $71.38 per barrel. The US Department of Energy announced plans on Monday to acquire 3 million barrels of crude oil for delivery in August, and bid requests are expected to be in by 31 May. Global crude supplies could also drop if OPEC+ goes ahead with further output cuts in H2 2022. 
