Oil falls after US releases emergency reserves

Thursday, 25 November 2021 - 22:52

Oil+falls+after+US+releases+emergency+reserves
Oil fell after the U.S. announced a release from its emergency reserve — in tandem with several of the world’s biggest consumers — in a bid to cool gasoline prices and tame surging inflation.

The world’s largest economy is tapping its Strategic Petroleum Reserve after energy prices soared to multiyear highs, with a global energy crisis exacerbating the tightness in the oil market. China, India, Japan, South Korea and the U.K. will also make announcements, according to the White House.

Over the past month, U.S. President Joe Biden has urged other oil-consuming countries to tap their oil reserves after the OPEC+ coalition rejected requests to increase production. The U.S. will be releasing 50 million barrels, of which 18 million will be accelerated pre-approved sales, while 32 million will be exchanges over the coming months.


IGP Chandana Wickramaratne appears before Colombo High Court (Video)
Monday, 29 November 2021 - 23:14

IGP Chandana Wickramaratne appeared before the Colombo High Court today to give evidence in a case filed against former IGP Pujith Jayasundara.The Attorney... Read More

Power restored in several parts of the island
Monday, 29 November 2021 - 21:58

Ministry spokesman for the Ministry of Power and Energy Sulakshana Jayawardena stated that operations have been launched to repair power outages in several... Read More

745 COVID patients identified today
Monday, 29 November 2021 - 20:36

Another 204 persons tested positive for COVID-19.With 541 COVID patients reported earlier, the daily total number of COVID patients increased to 745.Accordingly,... Read More