Brent crude price slips to $86.93 a barrel
image for illustrative purpose
New Delhi: Crude oil prices further declined on Wednesday after reports surfaced that the International Energy Agency (IEA) proposed the largest release of emergency reserves in its history to cool the price surge fuelled by the US Iran war.
The proposed release would surpass the 182 million barrels deployed in two tranches in 2022 following Russia’s invasion of Ukraine, according to multiple reports. The Group of Seven (G7) nations have asked the IEA to prepare scenarios for such a move, reports said.
Brent crude oil price fell 0.99 per cent to $86.93 a barrel, while US West Texas Intermediate (WTI) futures dropped 0.75 per cent to $82.82. Overnight, both futures had settled down more than 11 per cent, marking the steepest single day decline in four years.
