The US is considering releasing 1 million barrels of oil a day from reserves to battle inflation: Bloomberg
The US is considering a plan to release about 1 million barrels of oil a day from its reserves over several months to battle inflation,President Joe Biden's administration may release as many as 180 million barrels of oil in total, Bloomberg reported, citing people familiar with the matter. An official announcement may come as soon as Thursday.
The US is also calling on the International Energy Agency to coordinate a release of oil reserves in other countries, Bloomberg added. Oil futures fell on the back of the news with international benchmark Brent and US benchmark West Texas Intermediate both down about 4% at 9:17 p.m. EDT.
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