Crude oil futures plunged more than $5/b in Asian morning trade March 31 following news that US President Joe Biden was considering releasing 1 million b/d of oil amid high energy costs.
At 10:00 am Singapore time (0200 GMT) prices retracted slightly with the ICE June Brent futures contract down $3.76/b (3.37%) from the previous close at $107.68/b, while the NYMEX May light sweet crude contract fell $4.61/b (4.28%) at $103.21/b. A report from Bloomberg late March 30 said Biden is considering releasing 1 million b/d of oil from the country’s strategic petroleum reserve over several months with the total volume possibly reaching as high as 180 million barrels. According to White House guidance, Biden will be delivering remarks on energy prices in the US afternoon March 31. The report sent NYMEX crude prices crashing by […]