Hot Commodities: WTI Crude Oil Tanks Under $103 Per Barrel, Market Eyes Rising US Supplies

31 Mar 2022 , 02:20 PM

Crude oil tanked as media reports stated that leading consumer and producer US is considering releasing up to 180 million barrels of oil over several months from the Strategic Petroleum Reserve (SPR). On March 1, the US Department of Energy committed to releasing 30 million barrels of crude oil from the U.S. Strategic Petroleum Reserve (SPR) to ensure an adequate supply of petroleum in response to Russias further invasion of Ukraine. This SPR release is part of a coordinated effort among the 31 members of the International Energy Agency (IEA). Other IEA member countries also collectively agreed to release an additional 30 million barrels of petroleum from their emergency reserves, bringing the total release to 60 million barrels. Oil has been under stress following the latest development on the US front and the selling spree earlier in the week following hopes of some improvement in Russia-Ukraine peace talk is returning in the commodity. WTI Crude currently trades down 4.61% at $102.85 per barrel. MCX Crude oil futures for April are also down 4.40% at Rs 7758 per barrel after testing a low of Rs 7629 per barrel.

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