White House Proposes U.S. Oil Reserves after Oil Prices Abruptly Fell

Oil prices suddenly fell after rising in Asian morning trading on Tuesday, at 0232 GMT. Brent crude features upturned their gains and went down by 0.4% closing at $53.66 per barrel. West Texas Intermediate crude futures declined by 0.4% or 19 cents towards $50.94. 

The U.S. president, Donald Trump, proposed the sale of half of United States’ strategic oil reserves. The proposal indicates a plan which would progressively sell off half of United States’ emergency oil stockpile. It was published on Monday, after Donald Trump went to Saudi Arabia for his first overseas state-visit.

The proposal to sell the United States’ strategic reserves came as a surprise as OPEC and other manufacturers which have pledged to cut output by 1.8 million barrels per day in order to tighten the market and balance the unevenness of supply and demand.

Pound slipped against the yen after Manchester bombing

Based on formal reports, the explosion at the end of a concert by United States singer, Ariana Grande, on Monday killed at least 19 people and injured more than 50. Two United States officials indicated that a suicide bomber was suspected. Prime Minister Theresa May specified that the incident was being treated as a terrorist attack.   

The pound wilted against the yen due to the attack in Manchester. It declined by 0.2% closing at 144.36 yen after hitting 144.06 earlier in the session. The euro, in contrast, soared to near a six-month high against the dollar on Tuesday; it was traded at $1.2992. Versus the Japanese currency, it slid 0.2% to 124.860 yen. The dollar lost 0.2% versus its Japanese counterpart closing at 111.100 yen.

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