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Reserve releases counter supply fears as oil slips below $104

Despite Russia's invasion of Ukraine and the lack of a nuclear agreement with Iran, oil prices dropped Monday as consumers released strategic reserves.

Despite President Joe Biden releasing record U.S. oil reserves and International Energy Agency commitments to further tap reserves, crude dropped by about 13 percent last week. It had been at its highest since 2008 last month, when it reached $139.

Commerzbank's Carsten Fritsch stated in a report that the supply of oil will not be severely short in the second and third quarters given a release of 1 million barrels per day over a six-month period in the United States.

4 April 2022


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