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$70/Bbl Floor For Crude? US To Start Buying Oil
The roller-coaster ride for crude might be coming to an end, after the White House confirmed yesterday it would start replenishing the SPR as soon as June. Rumors of this circulated at the start of the week, helping provide a floor for crude prices under pressure from disappointing economic data. Previously, the US government had talked about restarting buying by the end of the year. The US had paused releases from the SPR earlier in the year as crude prices came down. But recently new withdrawals were carried out, with inventories dropping to the lowest level since early 1983. Strategic reserves in the US were at ... (full story)