Oil Falls With Biden Ordering Record Release From U.S. Reserves
- WTI rose 4.8% in March, 33% in the first quarter of 2022
- OPEC+ alliance agrees on 432,000 barrel-a-day increase for May
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Oil fell with President Joe Biden’s order to release roughly a million barrels a day from crude reserves in an effort to tame rising energy costs.
Futures in New York fell to $100 a barrel after the U.S. said it will release the biggest amount yet of crude from its strategic reserves, potentially totaling as much as 180 million barrels. The goal of Biden’s plan is to create a bridge for U.S. supply until the fall, when domestic production is anticipated to increase, the White House said.