Oil plunged after IEA announces reserves release

International benchmarks for crude oil dropped sharply on Wednesday, 6 April 2022 after the International Energy Agency (IEA) said its member committed to releasing 120 million barrels from strategic reserves to cool off the over-heating energy market. Meanwhile, the US Federal Reserve is eyeing an aggressive move to curb inflation due to the Ukraine war.

Brent fell $5.57 or 5.2% to close at $101.07/barrel.

WTI fell $5.73 or 5.6% to close at $96.23/barrel.