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Crude Oil Prices Fall

United States Of America – On Monday, WTI crude futures fell below $94 per barrel. The IEA member countries will release 60 million barrels over the next six months, with the United States matching that amount as part of its 180 million barrel release announced in March.

It is unclear whether this will compensate for the shortfall in Russian crude as a result of the country’s heavy sanctions for invading Ukraine.

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Meanwhile, the OPEC+ group of oil exporting nations has shown no intention of increasing its output targets beyond the 400,000 barrels per day it has been adding monthly as part of a supply cut restoration.

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