Oil trade slipped lower ahead of a meeting of consumer countries that are also members of the International Energy Agency (IEA) to discuss the new release of emergency reserves alongside large production planned by the United States.
At the time of writing, Brent crude futures traded gloomily at around $ 107 a barrel after declining around 4.6% in the Asian session. US WTI traded weaker at $ 99 a barrel following a decline of about 1.4%.
US President Joe Biden had previously announced a withdrawal of 1 million barrels a day from his six -month storage in May. This will be the largest release ever made by the US Strategic Petroleum Reserve (EC).
The IEA is scheduled to meet at 8.00pm Malaysian time on Friday, to discuss further oil releases that will follow their previous agreement on March 1 for the production of around 60 million barrels.
The move was made to ease the pressure of rising world oil prices that have risen sharply since the reopening of Covid-19 and the Ukraine-Russia war.
The IEA is an autonomous intergovernmental organization based in Paris to respond to physical disruptions in oil supply, as well as serving as a source of information on statistics on the international oil market and other energy sectors.
Only OECD member countries can be members of the IEA, these include Australia, Germany, Italy, Japan, New Zealand, Britain and the United States.
Meanwhile, OPEC+ is sticking to its commitment to maintain an additional current production of 400,000 barrels a day in May.
