Oil prices slightly dip after Biden announces largest-ever oil reserve release
Brent crude futures fell $1.01, or 1%, while WTI crude futures fell 84 cents, or 0.9%
Global oil prices dipped Sunday amid a ceasefire agreement on the Saudi-Yemeni border, which boosted supply, days after they seemed to stabilize.
Last week, oil prices fell around 13 percent after President Joe Biden announced the largest-ever U.S. oil reserves release, intending to help alleviate record-high gas prices across the U.S.
OIL PRICES CHOPPY AND ARE HEADING FOR LOSING WEEK
Brent crude futures fell $1.01, or 1%, to $103.38, while WTI crude futures fell 84 cents, or 0.9%, to $98.43 a barrel, Reuters reported.
Phil Flynn, an analyst at Price Futures Group, told Reuters that the truce between the United Arab Emirates and an Iranian group will welcome additional oil supply, easing tensions in the region and in the markets.
The truce is the first of its kind amid the two parties' 7-year conflict, Reuters reported.
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On Thursday, Biden announced that the U.S. would release 180 million barrels from the U.S. Strategic Petroleum Reserve (SPR).