US Treasury Sec. Mnuchin: Administration exploring ways to store another several hundred million barrels of oil

Anil Panchal FXStreet

US Treasury Secretary Steve Mnuchin crossed wires, via Reuters, during the early Thursday morning in Asia. The Treasury Secretary proved right President Donald Trump who said that there will soon be an aid for the oil industry.

Key quotes

Administration exploring ways to store another several hundred million barrels of oil.

Market implications

While the news is considered risk-positive, as well as likely to benefit oil prices, energy traders are waiting for the futures to open for Thursday’s trading. It should be noted that the WTI’s June contract marked over 24% gains to cross $15 on Wednesday.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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