Brent crude futures for May fell US$6.95, or 6.13 per cent, to US$106.50 a barrel by 1057 GMT. The May contract expires on Thursday and the most actively traded June futures were down US$6.66 at US$104.78, after earlier falling by US$7 a barrel.
“Desperate times, clearly call for desperate measures and clearly the Biden administration believes the spike in oil prices warrants this move to eat into the country’s emergency supplies,” said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.Article content “This would remain, however, a release of oil inventories, not a persistent source of supply for coming years. Such a release would therefore not resolve the structural supply deficit, years in the making.”
1 million barrels a day for 6 months. That's not gonna come close to making up for Russian exports. It will also bring the US strategic reserves to dangerously low levels during a time of geopolitical turmoil.
'Plunging...' lol.
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