Crude oil prices fell around $5 a barrel on Thursday following reports that the Biden administration was planning to tap into its strategic reserve, a move that comes after the Russian invasion of Ukraine and subsequent sanctions have caused global oil prices to soar.
Brent crude futures for May fell nearly $5.50 to $107.98 a barrel at one point on Thursday before settling at around $109 a barrel at around 2 a.m. ET.
The May futures contract is set to expire later on Thursday and the June futures were also down $4.40 and trading at $107 per barrel.
The domestic WTI Crude futures for May were down nearly $5 to $102.8 per barrel early on Thursday after briefly slipping down to $100.85 a barrel.
Late on Wednesday, Reuters reported that the Biden administration was planning to release up to 180 million barrels of oil over several months from the country’s Strategic Petroleum Reserve (SPR).
President Joe Biden is expected to announce the move in a speech on Thursday where he will outline his administration’s effort to tackle high fuel prices.
This is a developing story.
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