Oil Slips After Close as U.S. Eyes SPR Release to Quell Prices - Bloomberg

Oil Slips After Close as U.S. Eyes SPR Release to Quell Prices - Bloomberg

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West Texas Intermediate for April delivery rose 19 cents to settle at $92.10 a barrel in New York. Brent for April settlement was unchanged settling at $96.84 a barrel. Oil slipped after market hours on news that the U.S. is considering a potential release from its oil reserves in coordination with allies. Futures in New York closed up 0.2%, before slipping. The Biden administration is considering tapping its emergency supply of oil again in coordination with allies to counter a surge in prices brought on by Russia’s moves against Ukraine, according to two people familiar with the matter. Earlier in the day, crude swung throughout the session with markets focused on ongoing Russia-Ukraine tensions while weighing a potential conclusion to nuclear talks with Iran, which could add supply to the market. Earlier, Ukraine said several government and bank websites are not functioning due to a distributed denial-of-service attack government. Last week, Ukraine said it suffered its wost DDoS attack in its history. On Tuesday, U.S. President Joe Biden announced sanctions targeting Russia’s sale of sovereign debt abroad and the country’s elites, responding to what he described as the start of an invasion of Ukraine, but avoided a sweeping package of penalties.