It was updated on Mar 31, 2022.
The price of crude oil fell by around $5 a barrel on Thursday, following reports that the Biden administration was planning to use its strategic reserve, a move that comes after the Russian invasion of Ukraine and subsequent sanctions have caused global oil prices to soar.
Behind a barbed wire fence stands a deep pump for oil production. At the beginning of the week, oil prices fell sharply.
At one point on Thursday, the May crude futures fell as low as $107.98 a barrel, before they settled at $109 a barrel. Time.
The June futures were down $4.40 and trading at $107 per barrel as the May futures contract expired.
The domestic crude futures for May were down $5 to $102.8 per barrel early on Thursday after briefly falling to $100.85 a barrel.
The Biden administration was planning to release up to 180 million barrels of oil from the country's strategic reserve, according to a report.
President Joe Biden is expected to announce the move in a speech on Thursday where he will outline his administration's effort to tackle high fuel prices.
It would be the largest withdrawal in the history of the strategic reserve if the Biden administration decided to release 180 million barrels.
The price of Brent crude was at a 14-year high of $139 per barrel earlier this month. Russia, one of the world's largest producers of oil, was hit by a slew of sanctions after it began invading Ukraine. Since then, the U.S. has banned all imports of Russian oil, and several international refiners have been reluctant to do so as well.
The United States has the largest ever draw from the emergency oil reserve.
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