Oil prices rise despite Washington's plan to release quantities of strategic reserves

Baghdad-INA  

Oil prices rose today, Tuesday, despite the announcement by the United States of a coordinated plan with major crude consumers to release quantities of strategic reserves and put them on the market to reduce prices.
 
 According to Bloomberg website data, US West Texas Intermediate crude futures rose 0.25% to $76.94 a barrel, while Brent crude futures rose 0.70% to $80.26 a barrel.
 
And the White House had announced in a statement today, that the United States will release 50 million barrels of strategic oil reserves within the coming months.
 
He added that this step is being coordinated with moves to take from the strategic reserve by China, India, Japan, South Korea and Britain.
 
India also announced that it would release 5 million barrels of its strategic reserves, while the Japanese government decided to organize the sale of quantities of oil that would be release from the strategic reserves.
 
US President Joe Biden is leading a coordinated effort to release inventories to push oil prices lower.