Crude oil prices fell to their lowest level since mid-March on Wednesday, following the announcement by the head of the International Energy Agency (IEA) that its members would release some of their oil reserves in order to de-escalate prices.
In particular, Fatih Birol announced on Twitter that IEA members would release a total of 120 million barrels of oil from their reserves, including the 60 million barrels that the US will contribute to the total release. part of their strategic stocks.
Last week, the US president announced that the US would release 1 million barrels of oil per day from its strategic reserves for the next six months, in an effort to lower gasoline prices, a total of 180 million. barrels.
Birol’s post overturned the picture in the oil market, where after the initial losses the prices had returned to an upward trajectory amid fears of supply problems, as a result of the new sanctions prepared by the US and its allies against Russia after the alleged war crimes of the russian army in ukraine.
The West Texas Intermediate crude for May delivery jumped $ 5.73, or 5.6%, to close at $ 96.23 a barrel on Wednesday, the lowest level since next month. March 16, according to FactSet.
Brent crude for June delivery lost $ 5.57, or 5.2%, and ended the day at $ 101.07, the lowest level since March 16, according to FactSet.
Source: Capital
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