Baku, Azerbaijan, May 23
By Leman Zeynalova – Trend:
World oil prices are going down on May 23 after the proposal put forward by the US President Donald Trump to sell half of the country’s Strategic Petroleum Reserve.
The price for July futures of Brent crude oil has decreased by 0.8 percent to $53.44 per barrel as of 06:43 (GMT +4).
Meanwhile, the price for June futures of West Texas Intermediate (WTI) has also dropped by 0.8 percent and stood at $50.71 per barrel.
The Strategic Petroleum Reserve is a US government complex of four sites with deep underground storage caverns created in salt domes along the Texas and Louisiana Gulf Coasts that store emergency supplies of crude oil owned by the US government.
Current storage design capacity is 713.5 million barrels.
The US started the petroleum reserve in 1975 after oil supplies were interrupted during the 1973–1974 oil embargo, to mitigate future temporary supply disruptions.
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