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WTI Crude Futures Down 2% to Below $95 Per Barrel.

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)


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