Oil drops as US says plan to refill emergency reserves does not include trigger price – The National

Oil drops as US says plan to refill emergency reserves does not include trigger price – The National

Oil prices dropped sharply on Thursday after the US Department of Energy said its plan to restock the nation’s emergency supply does not include a trigger price, which is any oil price below which the administration will start buying crude.

The department added that transactions are not likely to happen until after fiscal year 2023.

Brent, the benchmark for two thirds of the world’s oil, was trading 3.204 per cent lower at $91.24 per barrel at 9.57pm UAE time, while West Texas Intermediate, the gauge that tracks US crude, was down 3.41 per cent at $85.46 a barrel.