U.S. Energy Department plans to buy about 6 million barrels of crude oil for the SPR

The U.S. Energy Department said Friday that it plans to buy about 6 million barrels of oil for the nation’s Strategic Petroleum Reserve, with receipts for the purchase scheduled for October and November of this year. The government agency said the purchase is a continuation of the Biden-Harris administration’s “replenishment plan” and marks the third solicitation that the Energy Department has issued this year to repurchase oil for the reserve. The latest move follows the historic drawdown of 180 million barrels announced by President Joe Biden in the spring of 2022. The Energy Department said it will “pursue additional repurchase opportunities as market conditions allow.” On Friday, August West Texas Intermediate crude
CLQ23,
+2.62%
settled at $73.86 a barrel on the New York Mercantile Exchange, up 2.9% for the session, and up 4.6% for the week.