Oil prices fall as IEA members meet to discuss stocks release
LONDON (Reuters) -Oil prices fell 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.
Brent crude futures were down 71 cents, or 0.7%, to $104.00 a barrel by 0952 GMT, after falling 5.6% on Thursday.
U.S. West Texas Intermediate (WTI) crude futures were down 92 cents, or 0.9%, at $99.36 a barrel.
The two benchmark contracts were headed for their biggest weekly losses in two years at 14% and 13%, respectively.
On Thursday, U.S. President Joe Biden announced a release of 1 million barrels per day for six months, starting in May. That will be the largest release ever from the U.S. Strategic Petroleum Reserve (SPR).
