OPEC+ announced yesterday it will cut crude oil production by 2 million barrels a day starting in November. It looks like WTI crude will be in the $85 to $92 range for the foreseeable future.
Biden announced yesterday he will release 10 million barrels of oil from the Strategic Petroleum Reserve.
The American Petroleum Institute (API) reported a surprise draw down this week for crude oil of 1.770 million barrels, while analysts predicted a build of 333,000 barrels. US crude inventories have grown by about 21 million barrels so far this year while the U.S. Strategic Petroleum Reserves (SPR) fell by nearly eight times that figure…