Crude oil futures ended sharply lower on Thursday with the US announcing its largest-ever release from the nation’s crude reserves. President Joe Biden said he’s authorizing the release of 1 million barrels of oil per day for the next six months from the US Strategic Petroleum Reserve, or more than 180 million barrels in total. Meanwhile, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) held the line in its Thursday meeting, rubber-stamping a previously agreed plan that will lift its production target by 432,000 barrels a day in May. OPEC+ has resisted calls by the Biden administration and other energy-consuming countries to more rapidly boost output. Besides, Russia is reportedly offering hefty discounts of its oil to India, amid sagging demand due to those sanctions.
Benchmark crude oil futures for May delivery fell $7.54 or 7 percent to settle at $100.28 a barrel on the New York Mercantile Exchange. Brent crude for June delivery dropped $6.73 or 6 percent to settle at $104.71 a barrel on London's Intercontinental Exchange.