Oil Prices Trading at Higher End Despite Release of Strartegic Reserve
Traders in the oil market pricing in the small quantity of oil reserve release is inadequate to fan soaring prices
Crude oil prices gained with investors being skeptical about the effectiveness of the reserve release.
U.S. West Texas Intermediate (WTI) crude futures inched up to $78.66 by 0.45% while Brent crude futures oil inched up to $82.66 up by 0.43%.
According to some market strategists investors are disappointed about the size of the strategic reserve release which is believed not be sufficient to tackle the energy crisis.
Also at the same time, OPEC+ might respond what an output cut which would elevate the crisis further.
Earlier U.S. announced release of 50 million barrels from strategic reserves and Japanese prime minister announced his decision to release oil from strategic reserve.
