U.S. says base price for SPR "sweet" oil $112.79/bbl


Shutterstock photo

U.S. sales of "sweet" crude oil from the Strategic Petroleum Reserve ( SPR ) will have a base price of $112.79 a barrel, a spokeswoman for the SPR said on Thursday.

Traders can bid above or below the "Base Reference Price" ( BRP ) of $112.79, which is derived from the last five days of trading of Light Louisiana Sweet (LLS) crude oil, as assessed by energy pricing agency Argus.

The United States said on Thursday it would supply half of a planned 60 million-barrel emergency release of crude oil from members of the International Energy Agency, in a bid to cover supplies lost from Libya during the peak demand summer driving season.

(Reporting by Janet McGurty and David Sheppard)

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing Commodities
Referenced Stocks: BRP , SPR

More from International Business Times


International Business Times

International Business Times

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by BankRate.com