U.S. release SPR, OPEC+ production increase plan unchanged, WTI down 7%

The United States earlier announced the release of the largest strategic oil reserve in history. The Organization of the Petroleum Exporting Countries and its allies (OPEC+) adhered to the original plan to increase production slightly in May. Crude oil prices both closed lower on Thursday, and WTI fell 7% to The lowest level since mid-March, but still up 33% in the first quarter.

U.S. President Joe Biden announced that 1 million barrels a day of oil will be released from the Strategic Petroleum Reserve over the next six months, for a total of more than 180 million barrels.

Crude oil fell sharply on Thursday. Affected by the White House’s announcement of the largest release of oil reserves in history, oil prices fell sharply shortly after the opening. Although there was a rebound, the overall downward trend was volatile. From the daily line, oil prices will continue to fall, from the four-hour line. Look, the oil price is fluctuating downward, the hourly line, the oil price is at the lower track, bearish, the top pays attention to 102 and 105, the operation idea is mainly to rebound and empty, pay attention to the influence of news

Crude oil prices tumbled on Wednesday after the United Arab Emirates, an OPEC member, pledged to pump more oil into the market, supporting the current market situation roiled by supply disruptions dues to sanctions on Russia. The prices logged their biggest daily decline since November 2021. On Thursday, May delivery Brent Crude oil futures further declines and last traded at US$110.94 per barrel down 1.24%, while April delivery WTI crude oil futures exchanged hands at US$107.86 per barrel, down 0.86% at 1:17 PM AEDT. The UAE and Saudi Arabia are among the few members of the Organization of the Petroleum Exporting Countries (OPEC) that have some spare capacity for oil production.