Oil prices dived more than $5 a barrel on Thursday as the United States is considering the release of up to 180 million barrels from its strategic petroleum reserve (SPR) over several months to calm soaring crude prices.
Brent futures for May fell $5.47, or 4.8 per cent, to $107.98 a barrel at 0317 GMT. The May contract expires today and the most actively traded June future was down $5.22 to $106.22.
US West Texas Intermediate futures for May delivery fell $6.06, or 5.6 per cent, to $101.76 a barrel after earlier slipping to a low of $100.85.
US President Biden will give remarks later on Thursday announcing the plan, three sources said, aimed at lowering gasoline prices that have risen to records following Russia’s invasion of Ukraine.
