WTI Slips Below $100 Mark – IEA Members Agree on Oil Release, Half of Which Will Be U.S. Oil

Crude oil futures closed lower Wednesday (April 6) after International Energy Agency (IEA) member nations agreed to release reserves to address tight supplies. In addition, U.S. crude inventories rose more than expected.

  • WTI crude futures fell $5.73, or 5.6%, at $96.23 a barrel.
  • BRENT crude futures were down $5.57, or 5.2%, at $101.07 a barrel.

IEA member countries will drain 120 million barrels of oil from strategic reserves to cope with tight supply and stem the rise in oil prices. Among the oil to be drawn from the reserves is 60 million barrels of U.S. oil.

Crude oil futures also fell after the U.S. Energy Information Administration (EIA) reported that U.S. crude oil inventories rose by 2.4 million barrels in the week ended April 1, contrary to analysts’ expectations. Analysts had expected a decline of 1.85 million barrels.

The EIA data is consistent with the American Petroleum Institute (API) report that U.S. crude oil inventories rose by 1.1 million barrels last week.

The EIA also announced that crude oil inventories at Cushing, Oklahoma, the delivery point for U.S. crude oil futures, increased by 1.7 million barrels.

Gasoline stocks fell by 2 million barrels and distillate stocks, including heating oil and diesel, rose by 800,000 barrels.

The Spot Market is Open

Thursday, April 7, 2022

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
10.35

97.73

+1.50

1.56%

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