Oil extends drop as chance of coordinated reserves release rises

Oil declines further as several nations prepare to tap national reserves.

Photo: Jacob Ehrbahn

Oil extended declines – after four weeks of losses – on signs the US, China and Japan are all preparing to tap national crude reserves as concerns over accelerating inflation intensify.

Futures in New York dipped below USD 76 a barrel after losing almost 6 percent last week. US President Joe Biden has been talking about a possible release from the Strategic Petroleum Reserve for several weeks, and Japan's TV Asahi reported Monday that Tokyo is preparing to release crude from its national stockpiles as part of a joint effort with the US.

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