US seeks to buy 6mn barrels for its oil reserve by Jan. At $79. Price can't be serious?

<p>The U.S. Department of Energy is looking to purchase 6 million barrels of crude oil for delivery to the Strategic Petroleum Reserve in December and January.</p><p>Part of replenishment efforts. </p><ul><li>Looking to buy the oil at $79 a barrel or less</li><li>Up from its earlier preferred range of around $70 a barrel</li></ul><p>Huh. </p><p>Who wants to give 'em a call and show 'em where its quoted? </p><p>Took a bit of compressing but I did manage to get $79 showing on the chart …. August, ah, those were the days!</p>

This article was written by Eamonn Sheridan at www.forexlive.com.