Oil quotes ended the week with the fastest decline in two years. Brent fell by more than 10%, WTI – by 12%.
More than 30 states have joined the initiative to saturate the oil market to achieve a reduction in prices for this type of raw material. This was stated by US President Joe Biden, the Interfax-Ukraine report on Friday, April 1.
“I coordinated this step with allies and partners around the world. This morning, more than 30 countries around the world gathered for an emergency meeting and agreed to release tens of millions of additional barrels of oil for market, ”he said.
According to Biden, the various states acted as a united front to prevent the Russian Federation from “disarming energy resources” directed against the United States, European states and other countries.
At the same time, Biden again called the current fuel emissions from the U.S. strategic reserve the largest in American history. He added that the White House is working with US oil producers to increase its production.
Recall that the United States will ship to the market from strategic reserves 1 million barrels of oil per day over the next six months.
Against this background, oil quotes complete the week with the sharpest decline in two years. June futures for Brent on the London ICE Futures exchange at 20:00 Kyiv time were worth $ 104.66 per barrel, WTI futures for May on the New York Mercantile Exchange (NYMEX) fell to $ 99.50 per barrel.
From the beginning of the week, Brent has fallen in price by more than 10%, WTI – by 12%.
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Source: korrespondent
