Oil Prices Drop Nearly $5 A Barrel Amid Reports Of Washington Tapping Into Strategic Reserve

Topline

Crude oil prices fell around $5 a barrel on Thursday following reports that the Biden administration was planning to tap into its strategic reserve, a move that comes after the Russian invasion of Ukraine and subsequent sanctions have caused global oil prices to soar.

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A deep pump for oil production stands behind a barbed wire fence. Oil prices fell sharply at a high , [+] level at the beginning of the week.

dpa/picture alliance via Getty Images

Key Facts

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Brent crude futures for May fell nearly $5.50 to $107.98 a barrel at one point on Thursday before settling at around $109 a barrel at around 2 am ET.