Black Gold Shakes, US Wants to Lower Oil Prices?

thecekodok

 Crude oil trading was slightly shaky in the Asian session, squeezed by concerns that the United States would take steps to cut oil and gasoline prices to some extent shaken the black commodity trade.


Brent crude futures traded slightly lower at $ 83.33 a barrel, while US WTI traded hovering around $ 81.87 a barrel.


Both previous benchmarks had recorded gains in the previous two sessions after Saudi Arabia raised the official selling price for its crude oil to Asia for December.



Also supporting the price was the approval of U.S. President Joe Biden’s $ 1 trillion infrastructure bill by Congress over the weekend, after a long delay.


However, the increase recorded did not last long after U.S. Energy Secretary Jennifer Granholm said that President Biden may make an announcement to tackle high oil and gasoline prices this week.


Granholm did not specify any specific measures, but the U.S. once said that releasing crude oil from the Strategic Petroleum Reserve is an option being considered for lowering prices.


This makes oil prices stop from continuing to rise higher and restricts movement.

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