Oil price falls further on reports of Biden's request to release petroleum reserves
Oil prices extended declines following reports that U.S. President Joe Biden has asked other major world leaders to authorize the release of petroleum reserves to offset the impact of OPEC production decreases.
The current initiative also involves China -- following a virtual summit between Biden and President Xi Jinping earlier this week . The news comes amid surging gas prices in the United States and energy supply shortage in China adding to the global supply chain pressures.
WTI futures for December delivery were 45 cents lower on the session at $77.91 each while Brent crude contracts for January fell 17 cents to $80.11 per barrel.
BNO in upward trend: 10-day moving average moved above 50-day moving average on June 24, 2024
The 10-day moving average for BNO crossed bullishly above the 50-day moving average on June 24, 2024. This indicates that the trend has shifted higher and could be considered a buy signal. In of 13 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are .
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