Oil Prices Dip on Report Biden Preparing New Sales From Strategic Petroleum Reserve
10/18/22
Global oil prices moved lower Tuesday amid reports that President Joe Biden is planning to unveil another release of crude from the nation’s emergency reserves in an effort to reduce energy costs heading into the mid-term elections.
Prices were also pressured by reports that GDP data from China will be delayed as leaders meeting for the twice-a-decade Communist Party Congress in Beijing, suggesting growth in the world’s biggest energy market is likely to be more impacted by its Covid policies than first anticipated.
