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U.S. cancels upcoming crude oil sale

Christian Fernsby |
The U.S. Department of Energy made a decision to cancel the planned sale of crude oil from the strategic reserve, Department’s spokeswoman Jess Szymanski said.

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Topics: U.S.    OIL   

"In light of the recent fluctuations in global oil markets, the U.S. Department of Energy is suspending the recently announced sale of crude oil from the Strategic Petroleum Reserve (SPR). The sale was designed to raise revenue for SPR facility maintenance and upgrades. Given current oil markets, this is not the optimal time for the sale," the spokeswoman said.

"The Department continually monitors and evaluates global oil markets and will provide updated information as market conditions change," Szymanski noted.

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