Skip to content

Oil Posts Its Biggest Weekly Drop in More Than 10 Years

  • U.S. to release 1 million barrels of oil a day for six months
  • WTI fell $14 this week, biggest weekly dollar loss since 2011
Bloomberg business news
WATCH: President Joe Biden plans to release a million barrels of oil a day from U.S. reserves for six months.Source: Bloomberg
Updated on

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.