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Breaking: U.S. Crude up 18% as Trump Admin Buys Cheap Oil To Fill Reserves

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imageCommodities20 hours ago (Mar 19, 2020 12:05PM ET)

(C) Reuters.

Investing.com – US crude prices jumped 18 percent in Thursday’s morning trade after the Trump administration said it was buying a total of 77 millions of American-sources oil to fill up the nation’s emergency reserves, in a bid to support an industry ravaged by the coronavirus crisis and ill-timed production hikes by Saudi Arabia.

* West Texas Intermediate, the New York-traded benchmark for U.S. crude prices, rose $3.73, or 17.9%, at $24.56 per barrel by 11:55 AM ET (15:55 GMT). WTI settled down 24% at $20.38 on Wednesday, the lowest in about 18 years.

* Brent, the London-traded global benchmark for crude, was up $1.92, or 7.7%, at $26.80.

* The Department of Energy said in a statement that it was buying a total of 77 million barrels of U.S. crude, beginning with 30 million barrels, to top up the Strategic Petroleum Reserve.

* The SPR, which holds the nation’s oil reserves in underground salt caverns in Louisiana, has a total capacity of 713.5 million barrels. As of March 15, total volume of crude in its hold was at 649.1 million barrels, according to data from the Energy Information Administration.

Breaking: U.S. Crude up 18% as Trump Admin Buys Cheap Oil To Fill Reserves

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