Al-Marsad newspaper – Agencies: Oil futures fell sharply after major consuming countries said they would release more than 100 million barrels of oil reserves to tackle a supply shortage, while the minutes of the latest meeting of the US Central Bank revealed a tough stance that gave a boost to the dollar.
And the pace of sales in the oil market accelerated near the closure, which prompted the global benchmark Brent crude and the US West Texas Intermediate crude to record their lowest levels to close since March 16.
Brent contracts settled at $101.07 a barrel, down $5.57, or 5.2 percent.
US crude contracts closed down $5.73, or 5.6 percent, to $96.23 a barrel.
The International Energy Agency said its member states would release 120 million barrels of strategic reserves to try to calm sharp price increases. According to two informed sources, the figure will include 60 million barrels of strategic reserves in the United States. This pledge is part of a previous US announcement of the withdrawal of 180 million barrels from the reserves.