Oil Prices Edge Up on US Plan to Boost Reserve

Oil prices edged up on Tuesday, after a sharp plunge in the previous session, as a US plan to buy oil for the Strategic Petroleum Reserve (SPR) provided some support. Brent crude futures climbed 44 cents to $71.86 a barrel by, while US West Texas Intermediate crude was up 45 cents at $67.83 a barrel. Both contracts tumbled 6% on Monday to their lowest since Oct. 1. The United States on Monday said it was seeking up to 3 million barrels of oil for the SPR for delivery through May next year. The American Petroleum Institute industry group is scheduled to release a weekly report on Tuesday and the Energy Information Administration, the statistical arm of the U.S. Department of Energy, will issue one on Wednesday. Source: Qatar News Agency