WTI Crude Oil slipped to $101.40 from a high of $103.71.
A big reason for the drop is a report by Quantum Commodity Intelligence that the IEA plans to announce a release of 120 million barrels of global oil.
It’s a confusing headline because the United States has already pledged 180 million barrels. At the time, Biden was also hinting at 30-50 million barrels from other countries.
There was a previous release announcement, so this one may include them or it may be for a shorter period. They say ad could come at the end of the hour so be careful then. Expect market expectations to center around this 30-50m range.