Biden announced the release of reserves. Oil prices trembled

This means that strategic crude oil reserves will lose a total of 180 million barrels of oil. Since the United States consumes an estimated 20 million barrels a day, this will partially offset the US demand for this raw material.

Markets are reacting to the US president’s announcement

Global markets announced plans to release large-scale U.S. reserves throughout Thursday. Brent and WTI oil prices are down on a day-to-day basis.

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The price of Brent crude oil was over $ 110 overnight It will drop to about $ 104.70 before the US Presidential Conference. After the plan was announced, his contracts began to stabilize above $ 105.

On the other hand Shortly before Joe Biden’s speech, the WTI began to move closer to the $ 100-a-Barrel mark. However, after the announcement of the crude oil pricing plan, it trembled and slowly approached the $ 101 level. However, the price of this type fluctuated between US $ 101-103 throughout the day, while its price fell to less than 7% from the previous day’s $ 107.70. During the day.

Russia attacks oil-importing countries

If European countries want to pay Russian oil in foreign currencies without bowing, then Kremlin Threatens to turn off the tap. Then expect the price of this item to increase further.

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