Oil falls as US gasoline stock draw raises prospect of SPR release
Oil falls as US gasoline stock draw raises prospect of SPR release
US West Texas Intermediate (WTI) crude futures fell 76 cents, or 0.9 percent, to $80.00 a barrel at 0211 GMT, extending a 12 cent loss from November 16.
Reuters
November 17, 2021 / 09:17 AM IST
Brent crude futures fell 72 cents, or 0.9 percent, to $82.71, erasing a 38 cent gain from November 16. (Representative image)
Oil prices dropped on November 17 after US gasoline stocks fell more than expected last week, which could heighten pressure on the Biden administration to release oil from emergency reserves to cap soaring gasoline prices.
US West Texas Intermediate (WTI) crude futures fell 76 cents, or 0.9 percent, to $80.00 a barrel at 0211 GMT, extending a 12 cent loss from November 16.
Brent crude futures fell 72 cents, or 0.9 percent, to $82.71, erasing a 38 cent gain from November 16.
US President Joe Biden has been considering releasing oil from the Strategic Petroleum Reserve (SPR) to cool gasoline prices, which hit a record high at California pumps this week. Lawmakers, however, have mixed views on whether it is needed.
US House Majority Leader Steny Hoyer said late on November 16 that he did not agree with
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