- Oil is trading down by nearly a $1/Bbl, despite higher Middle East risks
- Yesterday, Israel began ground operations in Southern Lebanon following an air campaign targeting Hezbollah officials and assets
- DOE buys additional crude for Strategic Petroleum Reserve (Reuters)
- The U.S. Administration has awarded contracts to buy 6 million barrels of crude oil for the Strategic Petroleum Reserve (SPR) for deliveries through May 2025
- The SPR currently houses 375 million barrels of crude, 263 million barrels less than at the beginning of President Joe Biden's term
- The DOE has directly purchased over 56 million barrels of oil for the SPR at an average price of about $76 per barrel
- Libya prepares oil restart (Reuters)
- The central bank crisis that caused disruption in oil output is easing, allowing for a resumption of output
- The disruption was caused by a disagreement between the two Libyan governments over the new central bank head, which appears to be easing after diplomatic talks brokered by the UN
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