NextGen Day

NEW YORK (CBSNewYork) – Oil prices fell on Thursday after the US announced a record release of crude from the country’s reserves.

On the New York Mercantile Exchange, the West Texas Intermediate for May delivery fell USD7.54, or 7%, to settle at USD100.28 a barrel.

On the London ICE Futures Exchange, Brent crude for May delivery fell USD5.54, or 4.9 percent, to USD107.91 a barrel.

On Thursday, US President Joe Biden’s administration announced that 1 million barrels of oil per day will be released from the US Strategic Petroleum Reserve for the next six months.

The White House stated, “The size of this release is unprecedented: the world has never seen a release of oil reserves at this rate of 1 million per day for this period of time.”

Meanwhile, despite rising crude prices, the Organization of Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, voted on Thursday to continue existing plans for modest oil output increases in May.

According to a statement made following the 27th OPEC and non-OPEC Ministerial Meeting, the oil alliance reaffirmed “the decision to adjust upward the monthly total production by 432,000 barrels per day for the month of May 2022.”

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