Oil prices have declined from the peak levels seen in June amid fears of an impending recession and demand concerns in China, the world’s largest oil importer. However, tight supplies could keep oil prices high. Meanwhile, as per a Bloomberg report, the Biden administration is contemplating buying crude to refill the Strategic Petroleum Reserve (SPR) when prices drop below $80 a barrel. As per the report, 24% of the reserve has been depleted since March in response to the Russia-Ukraine war. The decision to refill the SPR could prevent a further decline in crude prices.
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