Oil Prices Rise Supported by U.S. Reserve Replenishment Plans

Forex - Oil prices rose this morning following a sharp decline in the previous session, as the U.S. announced plans to purchase oil for its Strategic Petroleum Reserve and investors focused on developments in the Middle East.
Brent crude oil futures increased by 11 cents or 0.16% to $71.53 per barrel, while U.S. West Texas Intermediate crude climbed by 10 cents or 0.15% to $67.83 per barrel.
Both contracts lost 6% on Monday after Israel's retaliatory strike did not target Tehran's oil infrastructure, marking their lowest levels since October 1.
The U.S. stated on Monday that it is seeking up to 3 million barrels of oil to be delivered by May next year for the SPR.
Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities, remarked that "while the outlook for the situation in the Middle East remains concerning, the market is expecting a temporary lull in the retaliatory strikes between Israel and Iran."