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Oil prices fall $ 6 as America seeks to liberate 180 million barrels
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Economy News _ Baghdad
Oil prices fell more than $6 a barrel on Thursday, as the United States considered freeing up to 180 million barrels of its Strategic Petroleum Reserve over several months to calm surging crude prices.
Brent crude futures fell $5.15, or 4.54 percent, to $108.30 a barrel at 04:30 GMT.
US West Texas Intermediate futures fell $6.17, or 5.67%, to $101.71 a barrel, after falling earlier to $100.85.
Three sources said that US President Biden will make statements later on Thursday announcing the plan aimed at reducing gasoline prices, which rose to record levels in the wake of the Russian invasion of Ukraine, which is to free 180 million barrels of oil.
News of the possible release of US oil overshadowed a meeting scheduled for later on Thursday between the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia.
The group known as OPEC+ is expected to stick to its current agreement to gradually increase oil production.
Oil prices rose about 3% on Wednesday, driven by supply concerns as peace talks between Russia and Ukraine, which describe their actions as a "special operation", stalled.
Russia is the world's second largest oil exporter, and sanctions imposed as a punishment for the invasion have disrupted flows from the country, driving up prices.
In November, the United States announced a plan to release 50 million barrels of Strategic Petroleum Reserve, mostly through exchanges where the buyer agrees to exchange oil at a later date.
The study of liberating the quantities of US oil comes at a time when US commercial oil stocks fell by 3.4 million barrels in the week ending on March 25.
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