Oil falls in price

Global oil prices fell slightly on November 23 morning amid the possibility of using crude from the strategic reserves of the US and several other countries, according to trading data, Report informs citing Prime agency.

As of 8:41 a.m. (GMT+4), the cost of January futures for Brent crude oil fell by 0.49% to $79.31 per barrel, while earlier it dropped below $78, for the first time in almost two months. The price of January futures for WTI oil fell 0.04% to $76.19 a barrel.

US President Joe Biden is preparing to announce a release of oil from the nation’s Strategic Petroleum Reserve in concert with several other countries as soon as November 23, Bloomberg reports.

The move, likely in conjunction with India, Japan and South Korea, would be an unprecedented effort by major oil consumers to tame prices after OPEC+ countries rebuffed US calls to significantly boost production.

“A 35-million barrel release from the US would be significant,” said Warren Patterson, head of commodities strategy at ING Groep. “Once you consider potential volumes from others, we are looking at something pretty substantial. The risk of further Covid related restrictions this winter and potential SPR releases might be enough to persuade OPEC+ to pause supply increases.”