The outlook for crude oil prices over the next 12 months remains “positive” even as the US plans to release more oil from its Strategic Petroleum Reserve (SPR).

In a research note on Wednesday, UBS said further releases of the SPR would not address a structural imbalance caused by years of underinvestment and the world’s “ever-increasing thirst for oil”.

US President Joe Biden plans to announce this on Wednesday that he is putting 15 million barrels on the market, the last tranche of oil from a…

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