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.

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.