Oil declines as Biden faces mounting calls to release crude from US oil reserves

Oil fell as US President Joe Biden faced more calls to tap the Strategic Petroleum Reserve to tackle surging gasoline prices.

Photo: Angus Mordant/Reuters/Ritzau Scanpix

By Sharon Cho, Bloomberg News

West Texas Intermediate sank 0.8 percent after declining for three weeks, while Brent dropped. Senate Majority Leader Charles Schumer, a fellow Democrat, urged US President Joe Biden at the weekend to release oil from the nation's emergency reserves, saying consumers needed immediate relief at the gas pump. A top administration aide, Brian Deese, reiterated that "all options are on the table".

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