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Jan. 9, 2017, 10:54 a.m. EST

U.S. Energy Department to sell up to 8 million barrels from Strategic Petroleum Reserve

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By Myra P. Saefong

CLG27

The U.S. Energy Department on Monday announced that it plans to sell up to 8 million barrels of crude oil from the Strategic Petroleum Reserve. The oil will come from three of the SPR storage sites, with up to 3 million coming from the Bryan Mound site near Freeport, Texas. Bids must be received no later than 2 p.m. Central time on Jan. 17, and contracts will be awarded to by the end of January, the Energy Department said. Prices for West Texas Intermediate crude /zigman2/quotes/209723743/delayed CLG27 -50.60% were already trading sharply lower when the announcement was made. February WTI crude traded at $52.64 a barrel, down $1.35, or 2.5%.

/zigman2/quotes/209723743/delayed
US : U.S.: Nymex
$ 51.83
-53.09 -50.60%
Volume: 0.00
Dec. 10, 2019 5:08p
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