Crude oil prices declined this week after commitments by the United States and the International Energy Agency to tap into petroleum reserves to increase supply in the market.
Brent crude briefly traded below $100 per barrel early this morning and was around $101 per barrel later, while West Texas Intermediate was approximately $96 per barrel. In the immediate aftermath of Russia’s invasion of Ukraine, Brent spiked as high as $139 per barrel, and WTI was briefly more than $130 per barrel.
Yesterday, member nations of the International Energy Agency committed to a total release of 120 million barrels from the IEA’s reserve stock, with 60 million barrels offered by the United States as part of an announcement by President Biden on March 31 promising periodic releases from the nation’s Strategic Petroleum Reserve.
The average nationwide gasoline price is $4.14 per gallon today, according to AAA. The record high set in March was $4.33 per gallon.