(Hong Kong) The price of a barrel of U.S. WTI oil fell more than 5% on Thursday morning in Asia, after reports that the United States plans to draw one million barrels a day from its reserves to relieve the crisis. supply caused by the Russian invasion of Ukraine.
Posted at 12:00 a.m.
The barrel of West Texas Intermediate lost 5.21% to 102.20 dollars, while that of Brent from the North Sea dropped 4.23% to 108.65 dollars.
Concerns about demand in China, due to the Shanghai lockdown, added to the downward pressure. decline in values.
The White House this month imposed an embargo on oil from Russia as part of a series of far-reaching sanctions against the country for its invasion of Ukraine.
The move pushed prices higher and put additional pressure on global inflation, which was already hitting highs not seen in several decades.
The US president is due to announce measures on Thursday to cut energy costs “and lower pump prices for American families”, officials said.
The International Energy Agency has urged other countries to draw more on their reserves.
OPEC and other major oil producers, including Russia, are gearing up for their monthly meeting later today.
They would have to give up on increasing their production by more than the 400,000 barrels initially planned, despite the growing energy crisis.