West Texas Intermediate Crude Oil Drops $7.54 After U.S. Oil Stocks Drain

West Texas Crude Oil Contract Delivered in May Trading on the NIMEX was down $7.54 to close at $100.28 a barrel. Brent crude oil contract Delivered in May It was down $5.54 to close at $107.91 a barrel.

The White House said the United States will release 1 million barrels per day of its strategic reserves for six months in an effort to curb oil and natural gas prices.

Such measures are in place. Amid a record drop in popularity for President Joe Biden ahead of the US midterm elections in November, news of the oil spill from US military reserves has driven sharp fall in oil prices. From Wednesday evening (March 30) until Thursday (March 31)

Meanwhile, OPEC Plus resolved to adhere to the original agreement at today’s meeting. It will increase production by 432,000 barrels per day in May.

OPEC Plus previously agreed to increase oil production by only 400,000 barrels per day every month. Since August 2021 and is scheduled to gradually increase production slightly to 432,000 barrels per day in May.

OPEC Plus has such a resolution. Although the United States and other oil-importing nations have called for OPEC Plus to increase production more than current levels. while oil prices rose above $139/barrel this month. This was the highest level since 2008 after Russia deployed troops to invade Ukraine on Feb. 24.

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