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Biden Team Weighs Massive Release of Oil to Combat Inflation

Strategic oil reserves, Apple chips and inflation running hot.

Oil futures dropped after reports the Biden administration is considering a massive release from America's strategic reserves. At about 1 million barrels a day for several months, the drawdown may amount to as much as 180 million barrels. President Joe Biden is expected to make the formal announcement when he speaks about his efforts to reduce energy prices on Thursday. Meanwhile, OPEC+ will likely only approve a modest increase in supply at today's meeting that's seen as insufficient to fill in the supply gap left by Russia. How do you think oil perform next quarter? Please send your opinions to marketslive@bloomberg.net