Oil prices tumble on reports U.S. will release reserve, as OPEC meeting looms
Oil prices slumped early Thursday, as traders absorbed reports that the U.S. is planning a hefty release of crude reserves, hours ahead of an OPEC+ meeting outcome.
That... Oil prices slumped early Thursday, as traders absorbed reports that the U.S. is planning a hefty release of crude reserves, hours ahead of an OPEC+ meeting outcome. That announcement may come on Thursday when Biden is expected to deliver remarks on his administration’s plans to battle higher gas prices, and help counter the loss of Russian oil on the market. The country has been under heavy sanctions since its invasion of Ukraine more than a month ago.“First, the US has had little success in persuading OPEC members to increase output.
Oil prices rose Wednesday amid confusing signals about progress between Russian and Ukraine negotiators, as the fighting dragged on in the brutal conflict that began more than a month ago.
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