The US President announced that the Department of Energy will make available 50 million barrels of oil from the Strategic Petroleum Reserve (SPR).
This move comes after days of speculation due to increased oil prices and high inflation in the US and around the world. This was a coordinated effort with other countries, as the release will be taken in parallel with other major energy consuming nations including China, India, Japan, Republic of Korea and the United Kingdom.
The news created volatility on USOIL, which attracts buyers after kneejerk reaction lower, as the SPR release was largely expected. The commodity was down on the day, but tries to move into profits at the time of writing and the outlook has not changed much from yesterday's analysis.
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Senior Market Specialist
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.
With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.