Oil prices are falling more than $ 5 a barrel as the United States considers releasing up to 180 million barrels of its strategic oil reserves (SPR) over months to calm rising oil prices. .
Brent futures for May fall 4.8% to $ 107.98 a barrel. The May contract expires today and the most traded June contract fell $ 5.22 to $ 106.22.
The west texas intermediate fulfillment contract for May fell 5.6% to $ 101.76 a barrel, while earlier it had reached $ 100.85 a barrel.
US President Biden is due to speak later today to announce his plan, sources told Reuters, with the aim of reducing gasoline prices, which have risen to record levels since the Russian invasion of Ukraine.
“If it proves to be at this level, it will be important and it would certainly help to some extent to cover the deficit, but not all,” said an ING analyst, commenting on the 180 million barrels.
“Another key question is whether this volume would be part of a broader coordinated release,” he added.
The IEA has requested an extraordinary ministerial meeting on Friday to discuss the oil supply, said a spokesman for the Australian Minister of Energy.
Source: Capital
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