US eyeing oil price, no announcement on reserve release

The White House said Friday it was closely watching global oil prices, but that there was no announcement yet on whether it would tap the Strategic Petroleum Reserve, only that it was an "option".

Speculation that President Barack Obama could release some of the US reserve has mounted as global oil prices have risen amid heightened speculation that Israel could mount an attack on Iranian nuclear facilities.

"As we've said for some time, a release of the Strategic Petroleum Reserve is an option that's on the table," said White House deputy press secretary Josh Earnest.

"I don't have anything to announce further on that topic at this point," he said, adding that officials closely watched oil prices because of the "economic consequences for changes in that market and changes in the price."

Earnest declined to say whether the flurry of speculation was based on actual discussions about possible action between the administration and leading players in the oil industry, calling it a "sensitive matter."

There was much talk earlier this year about the possibility of the White House opening US oil reserves to alleviate the pain US consumers were feeling at gasoline pumps due to rising oil prices.

But petrol prices fell along with the global oil price. However, the current renewed rise in gasoline prices could pose complications to Obama's re-election campaign, with less than three months to go in the White House race.

World oil prices actually fell on Friday following recent gains which saw New York and Brent crude hit three-month highs.

Brent North Sea crude for delivery in October dropped $1.27 to $114 a barrel.

New York's main contract, West Texas Intermediate (WTI) light sweet crude for September, slipped 39 cents to $95.21 a barrel.

Prices on Thursday reached the highest levels since May on encouraging economic figures in top crude consumer the United States, traders said.

Source: http://news.yahoo.com/us-eyeing-oil-price-no-announcement-release-193935808.html

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