Trump budget proposal: Oil prices fall as Donald Trump plans to sell off reserves

Trump budget proposal: Oil prices fall as Donald Trump plans to sell off reservesAccording to data from Reuters, Brent crude was trading around 0.9 per cent lower late morning in London at just over $ 53 a barrel. The White House said that it plans to sell off half of the 688 million-barrel oil stockpile from 2018 to 2027, in a bid to raise $ 16.5bn to help balance the budget. Strategists said that this scale of such a sell-off could send shockwaves through the oil market which has in recent years already been battling a persistent glut.



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