Oil prices choppy and are heading for losing week
President Biden announced a release of 1 million barrels per day for six months starting in May
Although the oil industry is producing at record production levels, the profit isn't there for producers.
Oil prices fell Friday ahead of a meeting of consuming nations to discuss a new release of emergency oil reserves alongside the release announced by the United States.
U.S. West Texas Intermediate hovered below $100 per barrel, while Brent, the global benchmark traded around $103.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND - USD ACC | 73.20 | +1.18 | +1.64% |
| BNO | UNITED STATES BRENT OIL FUND - USD ACC | 29.57 | +0.44 | +1.51% |
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The two benchmark contracts were headed for a weekly loss of around 13%, their biggest in two years.
FILE PHOTO: Storage tanks are seen at Marathon Petroleum's Los Angeles Refinery, which processes domestic & imported crude oil. Picture taken with a drone. (REUTERS/Bing Guan / Reuters Photos)
International Energy Agency (IEA) member countries are set to meet on Friday to discuss a further emergency oil release.
President Biden on Thursday announced a release of 1 million barrels per day for six months starting in May.
The aim is to make up for disrupted oil supplies from Russia, hit by sanctions following its invasion of Ukraine.
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The Organization of the Petroleum Exporting Countries and allies including Russia, together called OPEC+, stuck to plans to add a modest 432,000 barrels per day of supply in May. Other countries had pressured members to use their spare capacity to boost output further.