London, Thursday, 7 April 2022
WTI crude futures fell nearly 2% to below $95 per barrel on Thursday, after rising to nearly $99 earlier in the day and tumbling 5.6 percent the day before, as traders reassessed news that consuming nations will release a large amount of oil from strategic reserves to compensate for lost Russian supply.
Members of the International Energy Agency agreed to release 60 million barrels, with Japan announcing a record release of 15 million barrels from its national reserves.
Following Russia's invasion of Ukraine, the US announced a 180-million-barrel release last week to assist drive down prices in a tight market.
Talks to resurrect the Iran nuclear deal, which might boost Iranian crude exports, looked to have halted elsewhere.
(Written and edited by: The Decision Maker)