While oil prices continue their decline amid the Russia-Saudi price war and weakening demand due to government measures to mitigate the spread of the novel coronavirus, the blow to the U.S. oil market has been cushioned by President Donald Trump’s announcement that the U.S. will buy tens of millions of barrels of crude for its strategic reserves.
Brent Crude, the leading index for world oil prices, has dropped by about 12.3 percent since March 13, and more than 57 percent since early January. Meanwhile, the domestic oil price index, WTI Crude, has fallen less than 9.5 percent since March 13 and less than 55 percent since January.
