Oil prices dive as U.S. considers record reserves release | Reuters

Oil prices dive as U.S. considers record reserves release | Reuters

Oil prices plunged on Thursday on news that the United States was considering the largest ever release from its Strategic Petroleum Reserve, while OPEC+ stuck to its existing deal for May output.

Brent crude futures for May, which expire on Thursday, were down $5.91, or 5.21%, to $107.54 a barrel by 1253 GMT.

The most actively traded June futures were down $5.53 at $105.91, after falling by $7.

U.S. West Texas Intermediate futures for May delivery was down $6.06, or 5.62%, to $101.76 a barrel, off a low of $100.16.

The record U.S. SPR oil release of 180 million barrels is the equivalent to two days of global demand and would hit the market over several months, four U.S. sources said on Wednesday, as the White House tries to lower fuel prices. read more