Oil set for biggest weekly losses in 2 years after oil stockpile release
Oil extended losses on Friday as members of the International Energy Agency (IEA) agreed to join in the largest-ever U.S. oil reserves release.
After U.S. President Joe Biden announced the release on Thursday, prices slumped 7% and both benchmarks were on course for their biggest weekly falls in two years, at 14% and 13% respectively.
Brent crude futures were down 34 cents, or 0.3%, at $104.37 a barrel by 1:18 p.m. EDT (1718 GMT). U.S. West Texas Intermediate (WTI) crude futures were down $1.21, or 1.2%, at $99.07.
Biden announced a release of 1 million barrels per day (bpd) of crude oil for six months from May, which at 180 million barrels is the largest release ever from the U.S. Strategic Petroleum Reserve (SPR).
