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Oil drifts lower on planned release of emergency stocks

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Brent crude futures fall amid concerns the release by consuming countries may deter producers

Oil drums are shown near industrial plants and manufacturing facilities in the Keihin industrial area in Kawasaki, Kanagawa Prefecture, Japan. File photo: BLOOMBERG/SOICHIRO KORIYAMA

Brent crude futures edged lower by 55c, or 0.6%, to $100.03 a barrel at 4.03am GMT after gaining more than $1 earlier.Analysts said the emergency oil release, amounting to about 1- million barrels per day from May to the end of the year, might cap price rises in the short term, but would not fully cover volumes lost if more countries impose sanctions against Russia over its invasion of Ukraine, which Moscow calls a “special operation”.

The release may deter producers, including Opec and US shale producers, from accelerating output increases even with oil prices around $100 a barrel, they said.

 

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