On Thursday, crude oil prices were steady on the signs that the US would release more reserves to drive down prices.
By 07.55 GMT, Brent crude futures expanded by 0.2% or 14 cents to USD82.78/barrel while WTI futures gained by 0.2% or 18 cents to USD81.52/barrel.
In the previous session, crude prices fell significantly following the reports that the US inflation rate climbed at the quickest speed in 30 years by 6.2% year-on-year.
Other than that, the country’s crude inventories soared after the government released some strategic reserves.
Analyst Edward Moya of OANDA opined that energy traders know that the release of the country’s strategic petroleum reserves (SPR) would only deliver a very short-term fall in prices which would not provide much relief.
"Crude prices are trying to find their footing after yesterday's slide as runaway inflation in America is adding pressure on the Biden administration to tap the SPR,” Moya said.
US President Joe Biden had ordered the National Economic Council to work to cut energy costs and the Federal Trade Commission to push back on market manipulation in the energy sector to reverse inflation. Some of the efforts might include releasing more crude from the SPR.
Last week, following the injection of 3.1 million barrels of the SPR crude to the market, US crude stocks climbed by 1 million barrels. It was weaker than expectations for a jump by 2.1 million barrels.
