Strategic Reserve Replenishment Offers SupportThe U.S. government’s announcement of plans to buy up to 3 million barrels of oil for its Strategic Petroleum Reserve (SPR), with delivery scheduled through May 2024, has introduced some fresh buying interest to the market. This move is seen as a stabilizing factor after Monday’s decline, though limited SPR funds mean further purchases will require Congressional approval. Still, traders are treating the SPR news as a modest buffer for downside risks, though broa ...