Brent crude had fallen 34 cents, or 0.4%, to $93.66 per barrel. The price of WTI crude dropped by 20 cents to $87.58 a barrel. Early in the day, both futures dropped more than $1, ending a three-day gain. Concerns about poor demand in China and potential rises in interest rates in the US and Europe outweigh those about limited fuel supply before the winter.
The U.S. In an effort to lower fuel costs, President Joe Biden announced in March a proposal to release 1 million barrels per day from the Strategic Petroleum Reserve (SPR) for a period of six months.
The SPR in the US decreased by 8.4 million barrels to 434.1 million in the week ending September 9, which is the lowest level since October 1984. It’s anticipated that commercial oil stockpiles in the US have decreased for five weeks in a row, or by about 200,000 barrels.