For the first time since April, the Brent oil price has dropped as the Biden Administration has ordered the release of around 1 million barrels per day to foreign and domestic markets. A total of 5 million barrels of oil has already found its way to European and Asian markets. This oil is coming directly out of the Strategic Petroleum Preserve.
Meanwhile, the United States faces on average a $5 per gallon gas price. (RT)
Brent Crude refers to any or all of the components of the Brent Complex, a physically and financially traded oil market based around the North Sea of Northwest Europe.
“Brent” comes from the naming policy of Shell UK Exploration and Production, operating on behalf of ExxonMobil and Royal Dutch Shell.