SPR Tender Attracts Two Foreign Bidders

The tender of crude oil from the strategic petroleum reserve of the United States has attracted at least two foreign refiners as bidders, Bloomberg has reported, citing unnamed sources with knowledge on the matter. The White House announced plans to release up to 50 million barrels of crude from the SPR in mid-November in its latest attempt to lower gasoline prices that were running at uncomfortably high levels. Although it initially prompted a price rally in oil, the announcement, which coincided with the news of the new coronavirus strain, did…