Oil posted its biggest weekly loss in more than 10 years after the Biden administration ordered an unprecedented release of U.S. strategic reserves to tame rampant prices.
West Texas Intermediate dropped 1% on Friday and over $14 dollars this week, the most since 2011. The U.S. plans to release 1 million barrels a day for six months. IEA nations also agreed to release another round of crude stockpiles, with volumes to be decided later. U.S. President Joe Biden expects allies to release an additional 30 million to 50 million barrels.
