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Shafaq News/ Oil prices fell $5 a barrel at once, this evening, Wednesday, after the International Energy Agency announced the liberation of 120 million barrels of oil and its launch in the markets.
The agency said its member states had agreed to release 120 million barrels of oil, half of which would come from the United States, in an effort to cool crude prices after Russia's invasion of Ukraine.
Meanwhile, oil futures fell nearly $5 a barrel during today's trading.
Brent crude futures fell $5 to about $101.55 a barrel, and US West Texas Intermediate crude contracts fell to $96.76 a barrel.
Earlier today, the US Energy Information Administration said in a weekly report that crude oil stocks in the US Strategic Petroleum Reserve fell by 3.7 million barrels over the past week to 564.6 million barrels, the lowest level since April 2002.
The government agency also said that the United States did not import any quantities of oil from Russia last week for the first time since the week ending February 25.
The United States banned Russian oil following the invasion of Ukraine on February 24, but allowed ships already en route to continue their journey.
The Energy Information Administration also said that US oil production continued to rise for the second week in a row, increasing by 100,000 barrels per day last week to 11.8 million barrels per day, the highest level since December 2021.
On the other hand, data showed that distillate stocks, which include diesel and heating oil, in the East Coast region of the United States fell last week to 27.3 million barrels, their lowest level since April 2003.
The Executive Director of the International Energy Agency, Fatih Birol, said in a tweet on Twitter, that the agency is moving forward with a collective withdrawal of oil stocks of 120 million barrels, including 60 million barrels that the United States contributes in the framework of its total withdrawal from its strategic petroleum reserve.
"More details regarding contributions specifically will be announced soon," he added.
[You must be registered and logged in to see this link.]
Oil prices fall $ 5 after the International Energy Agency's decision
Shafaq News/ Oil prices fell $5 a barrel at once, this evening, Wednesday, after the International Energy Agency announced the liberation of 120 million barrels of oil and its launch in the markets.
The agency said its member states had agreed to release 120 million barrels of oil, half of which would come from the United States, in an effort to cool crude prices after Russia's invasion of Ukraine.
Meanwhile, oil futures fell nearly $5 a barrel during today's trading.
Brent crude futures fell $5 to about $101.55 a barrel, and US West Texas Intermediate crude contracts fell to $96.76 a barrel.
Earlier today, the US Energy Information Administration said in a weekly report that crude oil stocks in the US Strategic Petroleum Reserve fell by 3.7 million barrels over the past week to 564.6 million barrels, the lowest level since April 2002.
The government agency also said that the United States did not import any quantities of oil from Russia last week for the first time since the week ending February 25.
The United States banned Russian oil following the invasion of Ukraine on February 24, but allowed ships already en route to continue their journey.
The Energy Information Administration also said that US oil production continued to rise for the second week in a row, increasing by 100,000 barrels per day last week to 11.8 million barrels per day, the highest level since December 2021.
On the other hand, data showed that distillate stocks, which include diesel and heating oil, in the East Coast region of the United States fell last week to 27.3 million barrels, their lowest level since April 2003.
The Executive Director of the International Energy Agency, Fatih Birol, said in a tweet on Twitter, that the agency is moving forward with a collective withdrawal of oil stocks of 120 million barrels, including 60 million barrels that the United States contributes in the framework of its total withdrawal from its strategic petroleum reserve.
"More details regarding contributions specifically will be announced soon," he added.
[You must be registered and logged in to see this link.]
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