RUSSIA – USA Capitalizes on Oil Price BACKWARDATION Release of 180 MILLION Barrels of Oil from SPR
In this video I provide the latest news relating to the Russian Invasion of Ukraine. The PRICE OF OIL has risen dramatically since the start of the War and is putting strain on the GLOBAL ECONOMY. European Countries such as GERMANY, ITALY and FRANCE and now considering joining USA and UK in STOPPING the purchase of Russian Oil. In order to increase the GLOBAL SUPPLY the USA has just announced that it will RELEASE 1 MILLION Barrels of Oil per day from the Strategic Petroleum Reserve. This is the First Time that oil has been released from the SPR since 2011. In this video I assess the reasons behind this move and the impact on the global economy.
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3:23 JOE BIDEN ANNOUNCEMENT
5:35 STRATEGIC PETROLEUM RESERVE
7:54 FUTURES CONTRACTS
15:46 SUMMARY & CONCLUSION
19:37 JOE BLOGS 2