“Biden News” reduces the price of oil by 5 dollars

0
2


By 00:35 GMT, futures contracts fell Brent crude $4.71, or 4.2 percent, to $108.58 a barrel, and futures contracts lost for West Texas Intermediate Crude The US dollar is $5.45, equivalent to five percent, bringing the price of a barrel to $102.74.

will make Biden administration In comments later Thursday, the president is expected to announce the plan aimed at lowering gasoline prices, which reached record levels in the wake of the Russia-Ukraine war.

Oil prices rose about 3 percent when they settled on Wednesday, driven by supply concerns as peace talks between Russia and Ukraine appeared to falter.

“It’s a shock to morale, but if recent history is any indication, withdrawing from the reserves will only be a temporary fix, like putting a bandage on a broken leg,” said Stephen Innes, managing partner at SBI Asset Management.

The Biden administration said in early March that it would withdraw 30 million barrels from its strategic reserves, as part of a global withdrawal of 60 million barrels, in an effort to bring prices down.

The withdrawal comes at a time when US oil stocks fell by 3.4 million barrels in the week ending March 25, exceeding expectations for a decline of one million barrels.





LEAVE A REPLY

Please enter your comment!
Please enter your name here