Oil prices react to Biden's announcement

Source: Dukascopy Bank SA


On Thursday, crude oil prices declined by 7.07%, as the US President Joe Biden announced that the US Government would release the country's strategic oil reserves.

However, the price for US Light Crude oil did not reach below $100.00 per barrel mark or even touch the Tuesday's low level at $98.60. Moreover a 7.07% daily move has become the norm in March, as the commodity price is highly volatile.

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