The U.S. Energy Department on Friday announced that it will start repurchasing crude oil for the Strategic Petroleum Reserve. The agency said the move provides an opportunity to “secure a good deal for American taxpayers by repurchasing oil at a lower price than the $96 per barrel average price it was sold for, as well as to strengthen energy security.” President Joe Biden had announced in October a plan to repurchase oil for the reserve when prices are at or below about $67-$72. The plans to repurchase the oil follows historical release in the SPR that were aimed to ease global supply disruptions in the wake of Russia’s war on Ukraine. In Friday dealings, West Texas Intermediate crude for January delivery CLF23 traded at $74.29 a barrel on the New York Mercantile Exchange, down $1.82, or 2.4%.
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