Energy news

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Oil slumps as more short-term relief expected, gold struggles

Oil prices fall on EIA, SPR Crude prices declined after both the EIA report showed US stockpiles posted a surprise build and on reports that IEA nations will deliver an additional 60 million barrels from reserves. Oil might be down today as oil-consuming nations show they are aggressively tapping their emergency stockpiles, but that won’t last as supply constraints will remain given the production outlook for most OPEC+ nations. Pockets of severe supply disruptions for gasoline, diesel, and je

06-04-2022 15:39 GMT by Edward Moya

Oil falls on SPR, gold steady

Oil slips as IEA releases details of SPR release Oil prices are edging lower again on Wednesday as the IEA confirms the details of the coordinated reserve release that will aim to stabilise crude markets. The 120 million barrel release includes 60 million from the US which is part of the 180 million it announced last week.

06-04-2022 12:50 GMT by Craig Erlam