Oil falls after US reserves release emergency reserves Business and Economics

China, India, Japan, South Korea and the United Kingdom will also announce the release of the gross reserve.

Oil fell after the U.S. announced its withdrawal from the emergency reserve – along with some of the world’s largest consumers – in hopes of cooling gasoline prices and easing rising inflation.

The world’s largest economy is taking advantage of the Strategic Oil Reserve after rising energy prices to a multi-year high as a global energy crisis exacerbates the tightening of the oil market. China, India, Japan, South Korea and the United Kingdom will also make forecasts, according to the White House.

Last month, US President Joe Biden called on other oil-consuming countries to exploit oil reserves after the OPEC + coalition rejected requests to increase production. The U.S. will release 50 million barrels, of which 18 million will be accelerated pre-approved sales, and 32 million will be exchanged in the coming months.