Oil traded below $105 on Friday after Biden announced the largest-ever supply release from US emergency reserves. announced the largest-ever supply release from US emergency reserves. The new SPR injection will equate to about 180 million barrels in total by the time it ends in the fall. While the extra oil should temper the market, and matches US oil imports from Russia, Biden's SPR release is equal to just about two days of global demand. ET to discuss a release of emergency reserves.

Source: Economic Times April 01, 2022 21:31 UTC