The United States is considering using its oil reserves to deal with the post-Ukraine oil crisis, which has led to a drop in oil prices.
According to the French news agency AFP, the fall in oil prices on Thursday came amid reports that the United States was considering using its reserves due to a supply disruption caused by the Ukraine-Russia war.
On the other hand, after the failure of the ceasefire talks in Ukraine, the hopes of an early end to the ongoing war in Eastern Europe were dashed, due to which the stock market could not recover.
According to the report, the price of crude oil WTI fell by more than 5% while the price of Brent oil fell by 4%.
The fall in oil prices is being blamed on reports that US President Joe Biden is considering releasing one million barrels a day.
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Similarly, concerns over Chinese demand and a lockdown in Shanghai led to lower prices.
The White House this month banned oil imports from Russia as part of economic sanctions imposed after the invasion of Ukraine.
This was followed by an increase in oil prices, which were already at a decade-high.
US officials have said that Biden will issue a statement on Thursday regarding the reduction of energy prices.
The news came at a time when the International Energy Agency was urging other countries to make more use of their reserves.
Prior to the war, the beginning of the year saw little fluctuation in oil prices due to integrated supply, but demand was increasing worldwide after the epidemic resumed.
Meanwhile, OPEC and other oil-producing countries, including Russia, are preparing for their monthly meeting, which is expected to increase production beyond the target of 4 million barrels, despite the growing energy crisis. Will avoid
It is hoped that the reduction in oil prices will be welcomed in shopping malls.
Asian stock markets have seen mixed trends over the past three days, with a previous uptrend that slowed when news broke that there had been little talk of a ceasefire between Russia and Ukraine. Progress has been made.
Prices fell in Tokyo, Hong Kong, Shanghai, Singapore and Wellington, while prices rose in Sydney, Seoul, Taipei, Nila and Jakarta.
Business improved after news broke on Wednesday that Moscow would reduce major attacks following talks in Istanbul.
