Singapore, October 20 (QNA) – Oil prices opened mixed in early Asian trade on Thursday as investors balanced caution over tightening supply against lower demand projections.
Brent crude futures for December settlement fell 28 cents, or 0.3%, to $92.13 a barrel.
US West Texas Intermediate crude for November delivery (WTI), which expires on Thursday, rose 34 cents, or 0.4%, to $85.89 per barrel.
US president Joe Biden said Wednesday that he plans to sell 15 million barrels of crude oil from the Strategic Petroleum Reserve and repurchase oil if prices fall enough.
The reserve release would be the last sale from the planned sale of 180 million barrels of oil announced shortly after Russia invaded Ukraine in February.
However, a looming European Union ban on Russian crude and oil products and the output cut from the Organization of the Petroleum Exporting Countries and other producers including Russia, known as OPEC+, of 2 million barrels per day supported prices. (QNA)
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