News and Opinion: December 16, 2022. Oil Prices Increase After Announcement of Repurchase for the Strategic Petroleum Reserve

The US government has announced a repurchase of 3 million oil barrels for the Strategic Petroleum Reserve (SPR). This will materialize in February. After the announcement, oil prices increased. Brent crude reached almost US$ 83.

Now that the midterm elections are over, no more drawdowns from the SPR are expected. Starting in February or March, the oil prices will probably experience a significant increase

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This post is intended to only raise awareness. In order to make actual financial decisions please contact your financial advisor and/or tax advisor prior to making the decision.