The U.S. Energy Department is considering the purchase of up to five million barrels of crude oil for the Strategic Petroleum Reserve, according to reports Friday. A spokeswoman at the Energy Department wasn't immediately available to comment on the reports. "The DOE is trying to take advantage of what is a low price for oil" speculated Phil Flynn, senior market analyst at Price Futures Group. "There was talk that this could happen. The DOE has been pretty good at adding to the reserve when prices are low and they can help out struggling U.S. producers to boot," he said.
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