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US may not add to Petroleum Reserve even with Crude at three-year lows

FXStreet (Mumbai) - The WTI Crude is trading near the levels last seen in Oct. 2011, despite which the White house appears in no hurry to take the advantage of the low prices and add to the Strategic Petroleum Reserve (SPR).

WTI Crude for December delivery declined 0.67% to trade at USD 76.78/barrel. The commodity saw a renewed selling pressure after Saudi Arabia decided to cut its oil price to the US. Meanwhile, no action is seen from the Obama administration, which said it is monitoring oil markets, although there are no discussions at the White House about using cheaper oil to bring the reserve to its maximum capacity.

As per the Department of Energy website, The reserve, kept in underground caverns along the Gulf Coast, contained 691 million barrels of oil as of Oct. 31. The capacity is 727 million barrels. The SPR was last filled to its capacity at the end of 2009 and now contains the equivalent of 94-day supply of oil imports.

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