March 26, 2020 / 2:05 PM / 12 days ago

U.S. Department of Energy ditches plans to buy oil for strategic reserve

NEW YORK, March 26 (Reuters) - The U.S. Department of Energy ditched plans to purchase crude oil for the Strategic Petroleum Reserve because of a lack of funding from Congress, according to a notice.

The purchases were seen as a way to absorb some of the glut in crude markets due to demand erosion from the coronavirus pandemic and a flood of supply from top producers. (Reporting by Devika Krishna Kumar in New York Editing by Chizu Nomiyama)

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