The US crude closed lower on Tuesday for a second straight session after the US Department of Energy announced it would offer to sell up to 40.1 million barrels as part of a bid by the Biden government last March to phase out release a total of 1 million barrels of oil per day for a period of six months with the aim of de-escalating prices.
A total of 1.1 million barrels will be directed to the market between June 21-30, while the ministry will then release up to 39 million barrels from July 1st to August 15th.
July futures lost 52 cents, or 0.5 percent, to close at $ 109.77 a barrel on the New York Mercantile Exchange after government announcements.
Brent July, meanwhile, gained 14 cents, or 0.1%, to $ 113.56 a barrel on ICE Futures.
Source: Capital
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