Daily Times

Crude oil prices remained on the defensive on Friday ahead of a scheduled meeting of International Energy Agency (IEA) to discuss release of emergency oil reserves after US President Joe Biden reportedly agreed to release some 180 million barrels from the strategic petroleum reserve. As of 1335 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $0.86 (-0.82 percent) to reach 103.85 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, slipped to $98.98 a barrel, down by $1.30 (-1.30 percent). The price for Opec basket was recorded at $107.74 a barrel with a decrease of 2.46 percent. The OPEC Reference Basket of Crudes (ORB) is made up of Saharan Blend, Girassol, Djeno, Zafiro, Rabi Light, Iran Heavy, Basra Light, Kuwait Export, Es Sider, Bonny Light, Arab Light, Murban and Merey. Arab Light was available at $103.02 a barrel with a decrease of 6.02 percent and the price of Russian Sokol dipped to $92.97 a barrel with a 4.17 percent decrease. US President Joe Biden is reportedly preparing for what would be the largest ever release of crude oil from the strategic petroleum reserve, totalling some 180 million barrels. According to different media reports, the White House is preparing to release up to one million barrels of crude daily to rein in retail fuel prices.