Oil fluctuates on demand concerns, U.S. reserve restocking plan - BNN Bloomberg

Oil fluctuated as traders grappled with the outlook for Chinese demand and assessed comments from the US on refilling strategic reserves.

West Texas Intermediate swung between gains and losses before trading little changed near US$88 a barrel. Global benchmark Brent traded close to US$94.

The US Department of Energy, meanwhile, said that its plan to restock the nation’s emergency oil supply doesn’t include a trigger price, and that such purchases aren’t likely to occur until after fiscal 2023. Bloomberg News reported Tuesday that administration officials have discussed refilling the Strategic Petroleum Reserve, or SPR, should crude prices dip below US$80.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

BNNBloomberg /  🏆 83. in CA

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oil extends advance as U.S. dollar slides before inflation data - BNN BloombergOil pushed higher for a fourth day as a weaker dollar offset global demand concerns, and progress toward an Iranian nuclear deal stalled.
Read more »

The push and pull of oil demand and supply – Canadian InvestorThe push and pull of oil demand and supply - CanadianInvestor CanadiansInvest
Read more »

Oil swings as IEA demand cut vies with U.S. restocking plan - BNN BloombergOil fluctuated after the International Energy Agency trimmed its estimates for global demand, while the US mulled when to refill its strategic oil reserve.
Read more »

Oil and gas dominate a new list of the TSX's 30 best performing stocksEnergy companies and one oilfield service company leapfrogged conventional growth stocks on this year\u0027s list. Read more.
Read more »

Oil and gas dominate a new list of the TSX's 30 best performing stocksEnergy companies and one oilfield service company leapfrogged conventional growth stocks on this year\u0027s list. Read more.
Read more »

Oil and gas dominate a new list of the TSX's 30 best performing stocksEnergy companies and one oilfield service company leapfrogged conventional growth stocks on this year\u0027s list. Read more.
Read more »