Oil benchmarks on course for biggest weekly losses in 2 years
LONDON (Reuters) – Oil prices dipped in and out of negative territory on Friday ahead of a meeting of International Energy Agency (IEA) member nations set to discuss a release of emergency oil reserves alongside a huge planned release by the United States.
The benchmark Brent and WTI contracts were both on course for their biggest weekly falls in two years at 13% and 12%, respectively.
Brent crude futures were down 6 cents, or 0.1%, to $104.65 a barrel by 1055 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 37 cents, or 0.4%, at $99.91.
On Thursday, U.S. President Joe Biden announced a release of 1 million barrels per day (bpd) for six months, starting in May, the largest release ever from the U.S. Strategic Petroleum Reserve (SPR).
