Oil prices fall 7%

Global oil prices on April 1 morning continued to decline for the second day in a row, falling by about 7% during this time, amid the US announcement of the release of 1 million barrels per day from strategic reserves, Report informs referring to the auction data.

The price of June futures for Brent crude fell by 0.11% to $104.59 per barrel, May futures for WTI decreased in price by 0.4% to $99.89.

On March 31, US President Joe Biden, amid oil supply disruptions, announced that the United States would be releasing 1 million barrels of strategic reserves daily for six months. The announcement helped to significantly reduce the cost of oil, which has been above $110 per barrel for a long time.

However, traders believe that this is a temporary measure designed to minimize the spring price rally. To this end, it may slightly increase supplies and thus keep prices low.

Investors continue to monitor the development of the geopolitical situation around Ukraine and assess the risks to the global economy from anti-Russian sanctions.