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Tuesday, 23 May 2017

Trump hits oil price with reported plan to sell half of strategic reserves

Trump hits oil price with reported plan to sell half of strategic reserves:

"Oil prices were weaker on Tuesday morning on reports that President Trump wants to sell half of the country’s strategic reserve to help balance the books. Brent, the global crude marker, fell 50 cents to $53.47, while West Texas Intermediate, the US benchmark, was 44 cents lower at $50.69 after details of the plan emerged. In budget documents, the White House said it would sell off half of the strategic petroleum reserve, the biggest in the world, to raise $16.5bn from October. The oil is held in heavily guarded underground caverns in Louisiana and Texas"



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