KSA to lower oil prices for Asia, US expected to release more SPR

The early Asia session witnessed some important news on the oil market which could influence and impact crude oil prices in the following sessions.

The US Department of Energy said it sold 15 million barrels of oil from the Strategic Petroleum Reserve in what is mainly described as the last batch of the largest-ever release from the stockpile. US President Joe Biden is expected to release more from SPR oil.

The Kingdom of Saudi Arabia has announced that I is intended to lower oil prices for Asian customers as of December. This news dropped at the same time that the G7 agreed to fix a price cap on Russian oil.

US oil declined on Thursday, with prices pressured by strength in the US dollar and concerns that aggressive rate hikes by Federal Reserve will lead to an economic recession. At the time of writing, WTI is trading at $87/95bbls.