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Bangkok Post
Bangkok Post
Business

Oil prices dive as Biden weighs massive reserves release

Joe Biden ING Russia Singapore SPR United States
Active pump jacks increase pressure to draw oil toward the surface at the South Belridge Oil Field on Feb 26, 2022, in unincorporated Kern County, California, US. (AFP file photo)

SINGAPORE: Oil prices dived more than $5 a barrel on Thursday as the United States is considering the release of up to 180 million barrels from its strategic petroleum reserve (SPR) over several months to calm soaring crude prices.

Brent futures for May fell $5.47, or 4.8%, to $107.98 a barrel at 0317 GMT (10.15am in Thailand). The May contract expires today and the most actively traded June future was down $5.22 to $106.22.

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