US Department of Energy: Record Oil Reserves

FIBO_Group

Master Trader
Jun 20, 2016
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- Crude oil reserves in the United States increased by 5.7 million barrels per week and set a historical record of 538.1 million barrels. The current volume of oil reserves is 14% higher than the average level for the previous five years.
- In addition to the published data, the US Department of Energy announced the acquisition of 126 thousand barrels of oil into emergency reserves as authorities seek to help oil producers cope with declining fuel demand. The intention of the US Department of Energy is to acquire 1 million barrels of oil reserve soon.
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Oil prices, in their first reaction to the US Department of Energy report on raw materials in the country, rose 40 cents to $40.75 per barrel.
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