As a direct reaction to the decision of the United States of America to release the strategic oil reserves, crude prices rose during yesterday’s trading by more than 2%, and the rises continue this morning, Wednesday, as the crude declines return in the past few days and weeks for precisely this reason in addition to the fact that the announcement was modest as a number and from a point of purchase.

The rumor and the selling of the news took place in the crude, even if temporarily, after announcing the withdrawal decision.

US President Joe Biden has decided that the United States of America, the largest consumer of crude in the world, will withdraw 50 million barrels of strategic reserves, in coordination with China, India, South Korea, Japan and the United Kingdom, in a move to curb the continuing rise in prices after OPEC refused to increase production.

Pumping about 5 million barrels, equivalent to about two and a half days of American demand, while India will release 5 million as well, Britain 1.5 million, and Japan 4.2 million barrels, while China and South Korea refrained from announcing the details, which will raise the supply significantly, but temporarily.

In a related context, data from the American Petroleum Institute showed in the preliminary reading of stocks released yesterday, Tuesday, that inventories rose by about 2.3 million barrels in the last week ending on the 19th of November, exceeding expectations that indicated a decline of about 500 thousand barrels, and in details, gasoline stocks rose by about 600 thousand barrels, while Distillate stocks, which include heating fuel and diesel, decreased by about 1.5 million barrels.

The markets are awaiting official data from the US Energy Information Administration today, Wednesday, as expectations indicate a decline in stocks by about 1.7 million barrels last week.

Brent crude is trading before the opening of European markets, up by about 0.18%, and it is trading at levels of $82.49 a barrel, after gains of about 3.2%, gains recorded at the close of the session yesterday, while US crude (NYMEX) is trading at levels of $78.82 a barrel, up by about 0.41%, after gains of 2.3 % recorded yesterday.