Oil posts its biggest weekly decline in more than a decadeBloombergOil posted its biggest weekly loss in more than 10 years after the administration of US President Joe Biden ordered a release of US strategic reserves. Photo: ReutersThe US plans to release 1 million barrels a day for six months. Biden expects allies to release an additional 30 million to 50 million barrels. As much as 180 million barrels might be released this time. Also contributing to this week’s slide were concerns about Chinese demand as the world’s biggest oil importer implements a series of lockdowns to curb a resurgence of COVID-19.

Source: Taipei Times April 02, 2022 20:45 UTC