Oil prices edged up today, after a sharp plunge in the previous session, as a US plan to buy oil for the Strategic Petroleum Reserve (SPR) provided some support. Brent crude futures climbed 44 cents to $71.86 a barrel by, while US West Texas Intermediate crude was up 45 cents at $67.83 a barrel. Both contracts tumbled 6% yesterday (Monday) to their lowest since 1 October 2024. The United States said it was seeking up to 3 million barrels of oil for the SPR for delivery through May next year (2025). The American Petroleum Institute industry group is scheduled to release a weekly report and the Energy Information Administration, the statistical arm of the U.S. Department of Energy, will issue one tomorrow (Wednesday). Source: Oman News Agency
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