Crude Oil Dropped 4 % To $ 103 Per Barrel As Biden Administration Announced To Release 1 million Barrel Of Oil Per Day

WTI: Crude Oil  dropped more than 4% to below $103 per barrel on Thursday following reports that the Biden administration is considering a plan to release around 1 million barrels of oil per day.

For about six months from US reserves The White House is expected to announce the plan later Thursday, aimed at lowering gasoline prices that have hit record levels following Russia’s invasion of Ukraine.

The US benchmark erased a 3.4% gain on Wednesday driven by supply concerns as peace talks between Russia and Ukraine appeared to have stalled.

The moves also came as US crude stocks fell by 3.4 million barrels last week, way bigger than the 1 million barrel drop forecast. Moreover, major oil producers are unlikely to boost output above their agreed 400,000 barrels per day ahead of an OPEC+ meeting on Thursday