Oil prices are pulling back sharply as investors gear up for the White House to potentially unleash a record amount of crude from US reserves in a bid to ease pressure at the pump following Russia’s invasion of Ukraine.
What’s happening: President Joe Biden is weighing a plan to release around 1 million barrels per day for a number of months. The announcement could come as soon as Thursday, according to a person familiar with the deliberations.
Brent crude futures, the global benchmark, dipped 6% in early trading, falling below $107 per barrel. US oil was last trading near $102 per barrel.
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