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The White House announced during a press statement today, Tuesday, that the US President decided to release the strategic oil reserves of the United States of America, estimated at about 50 million barrels, within 3 months, to contribute to calming crude oil prices, especially since oil prices are high and affect economic growth.
Oil prices settled near $80 a barrel on Tuesday after the United States announced plans to release up to 50 million barrels of its reserves to calm the market.
Brent crude futures fell 12 cents, or 0.15 percent, to $ 79.58 a barrel by 1304 GMT, after falling earlier to $ 78.55, while US West Texas Intermediate crude futures fell 50 cents, or 0.65 percent, to $ 76.25 barrel.
The dollar rose against the Japanese yen to its highest level in four and a half years as investors anticipate a divergence in US interest rates from those in Japan.
The dollar’s movement against the yen fell by 0824 GMT, with a 0.2 percent drop to 114,590 yen, compared to the highest level reached earlier in the session when it recorded 115.160 yen.
The euro rose 0.2 percent against the dollar at 1.1258 dollars, after hitting its lowest level in 16 months against the US currency.
The Turkish lira fell to a new record 12 against the dollar after President Recep Tayyip Erdogan defended recent interest rate cuts and vowed to win what he described as his “economic war of independence”.
