Oil prices which amid the Russia-Ukraine crisis at one point scaled to $140 per bbl has now receded sharply lower. The sharp fall has come in the backdrop of the US ordering an unprecedented release of strategic US reserves to curb rampant price rise.
As of writing this copy, WTI crude falls below $100 per barrel and traded at $98.9 per barrel, while the brent crude hovered around 103.5 per barrel, falling over 1 percent.
WTI crude in the week has seen a sharp down-tick declining 13% for the week. The US is planning on to release 1 million barrels per day for six months as analysts are of the view that any relief shall be short term in nature.
The news gathered pace just before the OPEC+ alliance met for ratifying a modest increase in supply for May.
Subsequent to the release by the US, investment bank Goldman Sachs reduced the forecast by $10 per barrel to $125. However the bank added that the decision shall not resolve "oil's structural deficit."