Oil extended losses after US record oil reserve release

International benchmarks for crude oil continue to fall on Friday, 1 April 2022 after the US announced the country will release 1 million barrels per day until June from its strategic reserves to cool the rising energy prices. Other members of the International Energy Agency (IEA) agreed to join the US, but the details would only be released within this week.

Brent loses 32 cents to settle at $104.39/barrel. 

WTI fell $1.01 to close at $99.27/barrel.