The US West Texas Intermediate (WTI) crude futures ended at $66.78 per barrel, down $1.1 or 1.6 percent. West Texas Intermediate crude and Brent crude are currently the two major benchmarks for world oil prices. Energy Secretary Alfonso Cusi, who acts as PNOC-EC’s ex-officio chairman, has tasked the state firm to prepare for oil trading and retail to provide competition to existing oil industry players and curb increasing prices of petroleum products. The creation of strategic petroleum reserve (SPR) is founded on several joint international studies, the DoE’s Oil Industry Management Bureau said. Japan’s Ministry of Economy, Trade and Industry assistance also helped the country by conducting a feasibility study on the crafting of a master plan and comprehensive system for oil stockpiling.

Source: Manila Times May 29, 2018 16:41 UTC