U.S. To Buy 3 Million Barrels of Oil, U.S. Economy Adds Jobs

The U.S. Department of Energy says it wants to buy up to 3 million barrels of crude oil for the Strategic Petroleum Reserve for delivery in March 2024.

Last year, the Biden administration conducted the largest sale to date from the reserve of 180 million barrels, to try to limit an oil price rally following Russia's war on Ukraine.

The Energy Department in October said it would buy back oil for the reserve at $79 per barrel or lower, after it had received an average of about $95 a barrel from last year's emergency sales. It plans to release monthly offers to buy crude for the emergency stash through May next year.

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The U.S. economy added 199,000 jobs in November. Unemployment dropped to 3.7%.

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At the closing bell Friday, the Dow Jones, S&P 500 and Nasdaq Composite all were up.