NextGen Day

Tuesday saw a decline in oil prices as traders bet on the US Strategic Petroleum Reserves (SPR) to release more oil, allaying fears over market supplies.

At 9:46 a.m., the price of barrels of Brent crude, the international standard, was $86.31. local time (06:46 GMT), down 0.3% from the previous trading session’s closing price of $86.61 a barrel.

West Texas Intermediate (WTI), the American benchmark, was trading at $79.50 a barrel at the same time, down 0.8 percent from the previous session’s closing price of $80.14 per barrel.

After US President Joe Biden revealed a plan to release oil from the SPR on Monday, the price of oil fell.

According to international media sites, the plan calls for the sale of 26 million barrels, which are scheduled to arrive on the market between April 1 and June 30.

The SPR, the largest reserve of emergency crude oil in the world, dropped to its lowest level since 1983 at the time of the announcement.

Global markets are still keeping an eye on incoming macroeconomic data, particularly the US Consumer Price Index (CPI) and remarks from Federal Reserve (Fed) officials.

A higher-than-anticipated CPI data will confirm predictions that the Fed will request a larger interest rate increase, escalating concerns about a recession and reducing demand for oil.

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