First US Oil Barrels From Emergency Release to Hit Market (1)

The first oil from US President Donald Trump’s planned 172 million-barrel emergency release is set to start flowing soon, the latest move in the administration’s battle to keep fuel prices in check.

Roughly 45 million barrels are being released from the US Strategic Petroleum Reserve, according to a document from the US Energy Department. That means that refiners and traders subscribed to about half of the 86 million barrels initially offered by the administration.

The level of interest in the release surprised market participants at a time when oil prices have soared, with Brent trading above $100 a barrel. ...