Oil benchmarks on course for biggest weekly losses in 2 years | Reuters
Oil dipped in and out of negative territory on Friday as members of the International Energy Agency (IEA) were due to discuss a further addition of oil reserves to the market alongside a planned 180 million barrel release by the United States.
The benchmark Brent and WTI contracts were both on course for their biggest weekly falls in two years, at 14% and 13% respectively.
Brent crude futures were down 63 cents, or 0.6%, at $104.08 a barrel by 1313 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 99 cents, or 1%, at $99.29.
On Thursday, U.S. President Joe Biden announced a release of 1 million barrels per day (bpd) of crude oil for six months from May, the largest release ever from the U.S. Strategic Petroleum Reserve (SPR). read more
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