Oil prices have corrected and on Wednesday Brent oil closed at about $113. There is a little bit of moderation seen in oil prices and the reason is that there are news reports which suggest that the Biden Administration is considering a release of a million barrels of oil per day for the next several months.

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Commodities round-up: Crude oil price retreats as US plans massive release from reserves

This may be done in coordination with the International Energy Association (IEA), which is pressing down on countries around the world to release oil from their respective reserves. But there is no final decision yet on that.

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First Published:Mar 31, 2022 8:40 AM IST