The United States will release 50 million barrels of crude oil from its Strategic Petroleum Reserve along with China, Japan, India and South Korea, the White House said in a statement - an unprecedented effort that included coordination of the largest oil consumers to tame prices. The decision to collectively "discharge" crude inventories after OPEC+ countries rejected calls to significantly boost output marked a diplomatic victory for the United States and challenged Saudi Arabia, Russia and other OPEC+ producers in the market.
WTI oil prices are down 1.45% on the day to $75.64/barrel.
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