USOI - U.S. poised to release oil from Strategic Petroleum Reserve - Bloomberg

Crude oil trims earlier gains following reports that President Biden will announce a release of oil from the Strategic Petroleum Reserve in concert with other countries as soon as tomorrow. Plans could change, but the U.S. is considering a release of more than 35M barrels over time, Bloomberg reports. WTI January crude (CL1:COM) +0.8% to $76.53/bbl, and January Brent (CO1:COM) +0.7% to $79.47/bbl. ETFs: USO, UCO, SCO, BNO, DBO, USL, USOI Even as crude prices pull back some from earlier gains, the energy sector (XLE +1.9%) remains at the top of today's S&P sector standings. Among today's biggest gainers: FANG +3.6%, PSX +3.5%, OXY +3.1%, COP +2.9%, XOM +2.2%. Meanwhile, OPEC delegates say the group may adjust its plans to raise production next month if the U.S. and other consuming countries conduct a coordinated release of oil reserves. OPEC+ meets next week to discuss plans to raise production by an additional 400K

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U.S. poised to release oil from Strategic Petroleum Reserve - Bloomberg