Oil prices dive as U.S. set to announce record reserves release | Reuters

Oil prices dive as U.S. set to announce record reserves release | Reuters

Oil prices tumbled on Thursday with the United States set to announce 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 $5.28, or 4.65%, at $108.17 a barrel by 12:31 a.m. ET. The more actively traded June futures were down 3.2% at $107.86, after falling by $7.

U.S. West Texas Intermediate futures for May delivery were down $3.88, or 3.6%, at $103.92 a barrel, off a low of $103.90.

Front-month futures for U.S. crude and Brent were on track for their highest quarterly percentage gains since the second quarter of 2020.