Oil tumbled on signs the Biden administration is considering tapping US reserves in a potentially massive release to tackle rising inflation and supply shortages following Russia’s invasion of Ukraine.
The US is said to be considering a release of roughly 1 million barrels of oil a day for several months
Oil tumbled on signs the Biden administration is considering tapping U.S. reserves in a potentially massive release to tackle rising inflation and supply shortages following Russia’s invasion of Ukraine. The U.S. plans are accompanied by a diplomatic push for the International Energy Agency to coordinate a global release. A final decision hasn’t been reached on that yet, but the White House may make an announcement on the U.S. release as soon as Thursday, one of the people said.
Brent for May settlement, which expires Thursday, slid 4.8% to $108.02 a barrel on the ICE Futures Europe exchange climbing 2.9% on Wednesday. The more-active June contract slid 4.7% to $106.24.
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