WTI downs below $99 as crude oil prices dip


Crude oil prices remained on the defensive on Friday ahead of a scheduled meeting of International Energy Agency (IEA) to discuss release of emergency oil reserves after US President Joe Biden reportedly agreed to release some 180 million barrels from the strategic petroleum reserve.

As of 1335 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $0.86 (-0.82 percent) to reach 103.85 a barrel.

The West Texas Intermediate (WTI), the main oil benchmark for North America, slipped to $98.98 a barrel, down by $1.30 (-1.30 percent).—TLTP

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