Oil extends drop below USD 100 as US plans huge reserves release
Oil slid below USD 100 a barrel and is heading for the biggest weekly loss in almost two years after the Biden administration ordered an unprecedented release of strategic US reserves to tame rampant prices.
By Elizabeth Low, bloomberg news
West Texas Intermediate futures lost as much as 1.7 percent on Friday after tumbling 7 percent in the previous session. The US plans to release 1 million barrels a day for six months, although analysts warned any reprieve would be short-lived. The news filtered into the market early on Thursday, just before the OPEC+ alliance gathered to ratify a modest increase in supply for May.
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