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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

Oil Prices Dive as US Weighs Record Reserves Release

ING OPEC Russia United States
Pumpjacks are seen against the setting sun at the Daqing oil field in Heilongjiang province, China December 7, 2018. REUTERS/Stringer/Files

Oil prices plunged more than $5 a barrel on Thursday on news the United States was considering the release of up to 180 million barrels from its strategic petroleum reserve, the largest in the near 50-year history of the SPR.

Brent futures for May fell $5.47, or 4.8%, to $107.98 a barrel at 0608 GMT. The May contract expires on Thursday and the most actively traded June futures were down $5.26 to $106.18.

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