February 14, 2023 (MLN): Oil prices dropped on Tuesday as the U.S. government announced plans to sell 26 million barrels of oil from its Strategic Petroleum Reserve (SPR), despite some traders expecting the release to be canceled or postponed, as Reuters reported. 

Brent crude futures fell by 0.81% to $85.91 per barrel, while U.S. crude futures fell by 1.16% to $79.21 per barrel.

The DOE considered canceling the sale but needed Congress to act to change the mandate.

The U.S. consumer price index data for January will be watched by traders, as higher-than-expected data could lead to a sell-off in risk assets, including oil.

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Posted on: 2023-02-14T09:52:28+05:00