HOUSTON, March 31 (Reuters) - U.S. oil prices fell 7% to close just above $100 on Thursday as President Joe Biden announced the largest ever release from the U.S. Strategic Petroleum Reserve and called on oil companies to increase drilling to boost supply.
U.S. West Texas Intermediate futures for May delivery settled down $7.54, or 7%, at $100.28 a barrel, after touching a low of $99.66.
Brent crude futures for May, which expired on Thursday, closed down $5.54, or 4.8%, at $107.91 a barrel. The more actively traded June futures were down 5.6% at $105.16, after falling by $7 earlier in the session.
Both benchmarks posted their highest quarterly percentage gains since the second quarter of 2020, with Brent soaring 38% and WTI gaining 34%, boosted mainly after Russia's Feb. 24 invasion of Ukraine which Moscow calls a "special operation."
Books. Bikes. Boomsticks.
“I only regret that I have but one face to palm for my country.”
Friday, April 01, 2022
Past the Peak?
I noticed that gas prices were a few cents lower per gallon on the way back from Texas than they were on the way down, and Reuters is reporting that the price should be dropping some more.