Oil steadies as investors questioned SPR effectiveness

November 25, 2021 01:46 PM AEDT | By Arpit Verma

Oil steadies as investors questioned SPR effectiveness — Image source: © Bulus | Megapixl.com

Increase in stockpiles

The US stockpiles rose by 1 million barrels in the last week, as per the records of the Energy Information Administration. Additionally, the US crude stocks in strategic reserves tumbled last week to 604.5 million barrels, the lowest level since 2003.

Crude oil prices

The number of US oil rigs rose to 467 in the current week, the highest since April 2020, as higher oil prices encouraged some oil players to begin the extraction of more oil.

Bottom Line

Crude oil prices steadied on Wednesday as the investors were not confident of the initiative taken by major oil consumers to cool down oil prices by releasing oil from their strategic reserves.

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