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Oil slumps on SPR report, gold consolidates

Oil slides as IEA steps in amid OPEC+ inaction Oil prices are falling heavily on the back of reports the US is poised to announce a substantial draw on the SPR. The withdrawal dwarfs previous moves by the administration, equating to one million barrels per day and 180 million overall, around a third of total reserves.

31-03-2022 09:07 GMT by Craig Erlam

Oil slides on SPR, gold drifting

Oil tumbles on Biden SPR hopes Oil prices moved sideways overnight, Brent crude rising just 1.25% to USD 112.60, and WTI rising 2.25% to USD 107.45 a barrel. Both contracts modestly unwound the Ukraine knee jerk trade yesterday. In Asia, oil prices have slumped as stories started circulating that US President Biden will announce a multi-month SPR release today that could total 180 million barrels, with suggestions that other IEA members could join in a reserve release after their meeting on Fr

31-03-2022 04:29 GMT by Jeffrey Halley