Tennessee Senator Marsha Blackburn tears President Biden apart for fueling soaring gas prices in ‘The Evening Edit’
Oil prices traded higher on Friday morning as an announced planned release of 240 million barrels of emergency supplies offset some concerns about reduced supplies from Russia due to western sanctions.
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US West Texas Intermediate (WTI) crude futures were up $1.27, or 1.3%, to $97.27 a barrel.
Brent futures were up $1.08, or 1.1%, to $101.66 a barrel.
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Overall, the price of oil should fall by around 3% this week.
Oil drillers are pictured in the Kern River oil field in Bakersfield, California REUTERS/Jonathan Alcorn
According to Reuters, emergency oil releases from May through the end of the year are about 1 million barrels per day.
Investors are also assessing oil market fundamentals amid uncertainties over slowing demand in China due to COVID-19 restrictions.
The European Union’s consideration of a ban on Russian oil will limit the decline in oil prices in the short term.
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Congress voted overwhelmingly on Thursday to suspend normal trade relations with Russia and ban imports of its oil.