Oil Sales From U.S. Inventories Not Significant For Market, Analyst Says

The sale of 50 Million barrels of oil from the U.S. strategic inventories announced on November 23 has already been sold into the market and Brent prices lost 10% because of that. Such actions will not have a significant effect on the market, Ole Hansen, Head of Commodity Strategy with Saxo Bank, said on Tuesday. “In other words, the White House will accelerate an already known release of 18 million barrels on top of the 31 they have already sold into the market so far this year. On top of that they will be lending out 32 million barrels between…