Oil prices gained today, supported by the US plan to buy oil to boost its Strategic Petroleum Reserve. Brent Crude was trading 1.3 percent up at 72 dollars and 35 cents per barrel, and WTI Crude gained 1.4 percent to trade at 68 dollars and 32 cents per barrel, when the reports last came in.
Brent crude futures climbed 44 cents, or 0.6%, to $71.86 a barrel by 0025 GMT, while U.S. West Texas Intermediate crude was at $67.83 a barrel, up 45 cents, or 0.7%.
Both contracts tumbled 6% on Monday, hitting their lowest since Oct. 1, after Israel’s retaliatory strike on Iran at the weekend bypassed Tehran’s oil infrastructure.
The U.S. on Monday said it was seeking up to 3 million barrels of oil for the SPR for delivery through May next year, a purchase that would leave the government with little money to buy more until lawmakers approve more funds.