Emergency Oil Release Helps Prices Rise – 6 April, 2022

After tumbling 5% to a three week low, oil prices managed to gain back some losses after some nations released oil from emergency reserves to offset supply losses from Russia. Brent crude futures were up 1.3% or $1.32 to $102.39 per barrel. U.S. West Texas Intermediate crude futures were up 1.2% or $1.18 to $97.41 per barrel. International Energy Agency countries will release 60 million barrels to add to the 180 million barrel release announcement by the U.S. last week in an effort to drive prices lower which have tightened the market following Russias attacks on Ukraine.