Crude oil Asian market: the two oils fell about 13% cumulatively this week, fearing the biggest one-week drop in two years
Crude oil prices fell slightly in Asian midday trading on Friday after the U.S. announced it would release a large amount of reserves and other consuming countries could meet to discuss releasing reserves.
This week, Brent and U.S. WTI crude oil's cumulative decline reached about 13%, possibly the largest single-week drop in two years.
Following the March 1 agreement to release about 60 million barrels of oil reserves, the International Energy Agency (IEA) will hold a meeting later today to discuss further reserve releases.
The U.S. also announced on Thursday the release of 1 million barrels per day from the Strategic Petroleum Reserve (SPR). The release will be for six months starting in May 2022 and is the largest SPR release to date.
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