Oil prices fall sharply. Apparently triggered by reports that US President Joe Biden is considering releasing 1 million barrels a day from US oil reserves in the next few months -President Joe Biden has made crude oil significantly cheaper.

The price of a barrel (159 liters) of the US variety WTI fell by more than five percent and was $ 102.20 in the early morning. The price of a barrel of North Sea Brent fell by more than four percent to $108.65. The United States issued an embargo on Russian oil earlier this month because of the Ukraine war and banned imports. This pushed up prices and added pressure on global inflation, which is already at multi-decade highs.

China increases downward pressure Concerns about demand in China due to the corona lockdown in the economic metropolis of Shanghai, on the other hand, put pressure on prices. This was also bolstered by market expectations of the US President’s announced plans to cut gas prices. According to SU media reports, the Biden administration is considering releasing a total of up to 180 million barrels from the strategic oil reserve in the coming months to help drive down prices.

Opec Meeting The Opec oil cartel will meet with Russia and other major oil producers for their monthly meeting today. Countries are expected to be unlikely to increase production by more than the 400,000 barrels already announced, despite the deepening energy crisis.