WTI Crude oil futures for May ended down by $1.01 or about 1% at $99.27 a barrel. WTI crude futures shed nearly 13% in the week, posting the biggest weekly loss in two years. Crude oil prices dropped on Friday, extending their slide from the previous session, as the International Energy Agency (IEA) said its members have agreed to release oil from strategic reserve to stabilize global energy markets. On Thursday, U.S. President Joe Biden authorized the release of 1 million barrels of oil per day from the nations Strategic Petroleum Reserve, for the next six months.
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