US President Trump: Looking at putting as much as 75 million barrels into strategic petroleum reserves

While beginning his daily coronavirus taskforce briefings, US President Donald Trump mentioned to fill up the US Strategic Petroleum Reserve to benefit from the recent slump in oil prices. Following that, the Republican leader said to hope that the Senate agrees to vote on relief loans on Tuesday.

Key quotes

Looking at putting as much as 75 million barrels into strategic petroleum reserves, that would top it out.

I hope the Senate will vote on a relief loan tomorrow.

New York Governor will be coming to White House on Tuesday.

FX implications

Amid the presently risk-averse markets, upbeat comments from US President Trump fails to placate traders. As a result, the risk catalysts and oil prices both remain on the back foot after the news.