Oil prices slightly dip after Biden announces largest-ever oil reserve release
Brent crude futures fell $1.01, or 1%, while WTI crude futures fell 84 cents, or 0.9%
How low could Biden drain US oil reserves?
Rep. Steve Scalise discusses how the Biden administration plans to release 1 million barrels of oil from U.S. reserves every day for six months on ‘Wall Street.’
Global oil prices dipped Sunday amid a ceasefire agreement on the Saudi-Yemeni border, which boosted supply, days after they seemed to stabilize.
Last week, oil prices fell around 13 percent after President Joe Biden announced the largest-ever U.S. oil reserves release, intending to help alleviate record-high gas prices across the U.S.
OIL PRICES CHOPPY AND ARE HEADING FOR LOSING WEEK
Oil prices were higher in early Asian trade, on reports that support for a European Union-wide ban on the purchase of Russian oil is growing inside the bloc. (iStock / iStock)
Brent crude futures fell $1.01, or 1%, to $103.38, while WTI crude futures fell 84 cents, or 0.9%, to $98.43 a barrel, Reuters reported.
Phil Flynn, an analyst at Price Futures Group, told Reuters that the truce between the United Arab Emirates and an Iranian group will welcome additional oil supply, easing tensions in the region and in the markets.
The truce is the first of its kind amid the two parties' 7-year conflict, Reuters reported.
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On Thursday, Biden announced that the U.S. would release 180 million barrels from the U.S. Strategic Petroleum Reserve (SPR).