Crude prices fall as US, allies consider further oil stock release
LONDON -Crude prices fell on Thursday as the United States and its allies discussed a possible further coordinated release of oil from storage to help calm energy markets in the wake of Russia’s invasion of Ukraine.
Benchmark Brent fell by $1.99, or 1.6% to $119.61 a barrel by 1403 GMT.
U.S West Texas Intermediate (WTI) was down $2.10, or 1.8%, at $112.82 a barrel.
“With respect to the emergency stockpiles, these are ongoing discussions and all those tools are certainly on the table,” U.S. energy secretary Jennifer Granholm said at a news conference at the headquarters of the International Energy Agency in Paris.
