Oil records the largest weekly loss in two years

Oil prices fell at the settlement after the member states of the International Energy Agency agreed to withdraw from the strategic oil reserves, coinciding with the largest ever reserves in the United States.

The benchmark contracts for Brent crude and West Texas Intermediate crude lost about 13 percent, in their biggest weekly decline in two years, after US President Joe Biden announced the release of oil from emergency stocks.

Brent crude futures settled down 32 cents, or 0.3 percent, at $104.39 a barrel.

US crude futures also fell $1.01, or 1%, to $99.27 a barrel.

Yesterday, the US President announced the withdrawal of one million barrels of oil per day over a period of six months, starting in May, which is the largest withdrawal from US oil reserves.

The OPEC + bloc, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, announced on Thursday its commitment to plans to increase production by 432,000 barrels per day in May.

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