US Energy Secretary: Evaluating the upcoming sale of oil from strategic reserve

Following the flash crash in oil prices the previous day, US Energy Secretary Dan Brouillette recently signaled to reconsider the nation’s earlier decision to sell 12 million barrels of oil.

Market implications

While the output is less likely to offer any relief from the implications of the cracks in OPEC+, the news helps in offering immediate pullback of WTI prices to $30.80 by the press time of early Tuesday morning in Asia.