Oil plunged after US announced large crude reserve release

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.