The U.S. government said on Thursday oil companies have agreed to borrow about 40 million barrels from the U.S. Strategic Petroleum Reserve (SPR), the final tranche pledged under a global agreement aimed at stabilizing fuel prices after the U.S. and Israel opened hostilities with Iran. The Department of Energy said it awarded contracts on Oct. 28 to borrow roughly 16.8 million barrels to Gunvor, Trafigura Trading, Phillips 66 and Vitol. In March the U.S. agreed to loan 172 million barrels from t

The U.S. government said on Thursday oil companies have agreed to borrow about 40 million barrels from the U.S. Strategic Petroleum Reserve (SPR), the final tranche pledged under a global agreement aimed at stabilizing fuel prices after the U.S. and Israel opened hostilities with Iran. The Department of Energy said it awarded contracts on Oct. 28 to borrow roughly 16.8 million barrels to Gunvor, Trafigura Trading, Phillips 66 and Vitol. In March the U.S. agreed to loan 172 million barrels from the SPR as part of a broader IEA-led plan by about 30 countries to release roughly 400 million barrels globally. Large SPR withdrawals have reduced its capacity to cushion price swings; stock levels are at their lowest since 1982.