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Oil prices fell sharply on Thursday morning amid speculation that Joe Biden will order a record release from US emergency reserves later today, intending to ease Americans’ pain at the gas pump.
The plan to release up to a million barrels daily, first reported by Bloomberg, is set to be announced at the president’s scheduled lunchtime briefing on energy. CNBC reported an initial drop of almost 6% in crude oil futures on Thursday at the news, leaving the cost of a barrel hovering around the $100 mark.