US Energy Debt withdraws tender to buy crude for SPR
Oil falls to the lows of the day
It's a critical day for oil and it just sank to the lows of the day. WTI is down $1.00 to $23.55 after Bloomberg reported that the US Energy Dept withdrew its tender to buy oil for US strategic reserves.
The tender was withdrawn because of uncertainty over funding from Congress, the department said in a notice on its website.
On the flipside, G20 ministers spoke today and the US has been pressing for a globally coordinated response to crude oversupply, so that could turn the market the other direction in a hurry.
After the initial dip in crude on this it has rebounded.