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President Biden announced a release of one million barrels per day from the US Strategic Petroleum Reserve for six months starting in May. Oil prices fell more than 6% on Thursday, and USD/INR moved back above 76.00.
A large emergency stock release adds supply to the crude market, pressuring oil prices lower. Lower energy costs ease biofuel and feed-transport costs, and the lower oil price also weakens the case for vegetable oil used in biodiesel.
octaafrica.netApr 1, 2022After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% over 20.
After 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% over 20.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
