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Oil plunged after US announced large crude reserve releaseOil plunged after US announced large crude reserve release |
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International benchmarks for crude oil settled significantly lower on Thursday, 31 March 2022 after the US government announced the release of 1 million barrels per day from its strategic reserve until June to ease the rising energy costs that drive inflation.
Brent contracts for May, which expired on Thursday, lose $5.54 or 4.8% to close at $107.91/barrel.
WTI plunged $7.54 or 7% to close at $100.28/barrel.
