US to sell 18mil barrels of oil from reserves on Dec 17

The Biden Administration announced last month it would release about 50 million barrels from its reserves in conjunction with other countries to combat the rising cost of fuel.(File pic shows oil reserves at Cushing, Oklhoma. - Reuters)

Washington The U.S. Department of Energy said on Friday it will sell 18 million barrels of crude oil from its strategic petroleum reserve (SPR) on Dec. 17, as part of a previously announced plan to try to reduce oil prices.

The Biden Administration announced last month it would release about 50 million barrels from its reserves in conjunction with other countries to combat the rising cost of fuel.