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usa and other countries to release crude from the reserves due to high prices
usa along with other major oil consuming nations like china, india , south korea and japan have decided to release crude oil from the reserves in a co-ordinated effort to keep the prices down
yet , the prices jumped up – because of the fact that the amount announced by the usa is much less than what was anticipated and it is still a borrowed amount – it has to be returned to the reserves .. probably at a higher cost
the opec plus nations are having a meeting on dec 2 about what levels are appropriate – this is also weighing on the prices – in all likelihood they will cut the output per day
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