Crude prices fall as Biden plans to tap oil reserve
Brent futures fell $4.17, or 3.7%, to $109.28 a barrel. is preparing to order the release of up to 1 million barrels of oil per day from the nation's strategic petroleum reserve, according to two people familiar with the decision, in a bid to control energy prices that have spiked as the U.S. and allies have imposed steep sanctions on Russia over its invasion of Ukraine
A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas. REUTERS/Richard Carson - RTSGTQ6 The announcement could come as soon as Thursday, when the White House says Biden is planning to deliver remarks on his administration's plans to combat rising gas prices. The duration of the release hasn't been finalized but it could last for several months. The people spoke on the condition of anonymity to preview the decision.
A meeting is scheduled for Thursday between the Organization of the Petroleum Exporting Countries and their allies, including Russia. The group is expected to keep to its existing deal to gradually increase oil production. The release comes as U.S. oil inventories fell by 3.4 million barrels last week, greater than forecasts of a 1 million barrel decline.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sean Hannity: Hunter Biden laptop story raises concerns if Joe Biden was compromisedFox News host Sean Hannity exposes the Biden family’s questionable business dealings on ‘Hannity.’
Read more »
Crude Oil Latest – Multi-Month Trend Remains Positive For NowThe lockdown in China will hit demand for oil but with the market already disrupted by the Ukraine crisis and wide-ranging sanctions on Russian oil, the sell-off has opened the door to dip buyers. Get your market update from nickcawley1 here:
Read more »
President Biden expected to announce plans to tap oil reserve to control gas pricesBiden is preparing to order the release of up to 1 million barrels of oil per day from the nation's strategic petroleum reserve, according to two people familiar with the decision, in a bid to control energy prices that have spiked as the U.S. and allies have imposed steep sanctions on Russia.
Read more »
President Biden plans to tap oil reserves to control US gas pricesPrices have spiked as the U.S. and allies have imposed steep sanctions on Russia over its invasion of Ukraine.
Read more »
President Biden expected to announce plans to tap oil reserve to control gas pricesBiden is preparing to order the release of up to 1 million barrels of oil per day from the nation's strategic petroleum reserve, according to two people familiar with the decision, in a bid to control energy prices that have spiked as the U.S. and allies have imposed steep sanctions on Russia.
Read more »
Biden plans to tap oil reserve to control gas pricesEnergy prices have spiked as the U.S. and allies have imposed steep sanctions on Russia over its invasion of Ukraine.
Read more »