Benchmark Crude WTI is up 1% today at 10:33am EST to $83.65 as the US government prepares to release 15 million barrels of oil from its emergency reserves while considering further releases over the winter.

In addition, the government plans to replenish inventories when prices reach $67-$72 a barrel.

Today’s figures from the Energy Information Administration (EIA) show crude inventories are down 1.7 million barrels from the previous week. In addition, the import of…