DOE has offered 11M barrels sour crude for sale from US reserves

This sales is part of 21st Century Cures Act.

The DOE has offered 11 million barrels of sour crude for sale from the US Strategic Petroleum reserves.

Under Section 5010, the secretary of energy is directed to draw down and sell a total of 25 million barrels of crude oil over 3 consecutive fiscal years beginning in fiscal year 2017.

The DOE plans to draw them a total of 11 million barrels from that directive.

The price of crude oil fell toward the $66.00 on the news, but is back up to $66.24, up $0.33 on the day or +0.50%