Oil rises amid supply fears

Oil drilling rigs

Oil prices closed lower today, Oct. 18, amid speculations on the United States decision to withdraw oil from the strategic reserve.

 

The White House said President Joe Biden will deliver a speech on US gasoline prices on Oct. 19.

 

The White House statement came after a report by Bloomberg noted that the US is considering withdrawing between 10 million and 15 million barrels from the Strategic Petroleum Reserve.

 

The report added that the Biden administration is also discussing the idea of restricting US exports of fuel, in an effort to support domestic supplies and control gasoline prices before the congressional elections in November.

 

Brent crude futures recorded a decline of 1.7%, or $1.59, to reach $90.03 a barrel.

 

WTI crude fell 3.1%, or $2.64, to $82.82 a barrel.

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