The US and other major oil-consuming nations are considering releasing 70M barrels of oil from their emergency stockpiles as crude oil prices surge, the WSJ reported on Monday, citing European and Persian Gulf officials briefed on the plan. The WSJ report added that the US has informed Saudi Arabia of the move to encourage the "de facto" leader of OPEC not to react by slowing/interrupting its currently planned output hikes, the sources noted. At a meeting later this week, OPEC+ is expected to agree to hiking oil output by 400K barrels per day in April and continuation of its recent policy.
Market Reaction
Oil markets do not seem to have reacted to the latest headlines.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks

AUD/USD faces some selling pressure to near 0.6250 amid trade war threat
The AUD/USD pair attracts some sellers to near 0.6245 during the early Asian session on Monday. The US Dollar edges higher amid the fear of a trade war threat. Trump said on Friday he plans to announce reciprocal tariffs on many countries by Monday or Tuesday, without specifying which countries.

EUR/USD: US trade war and Powell’s testimony in the eye of the storm
The EUR/USD pair ends the week trading at around 1.0370, little changed from its previous weekly close of 1.0361. Tensions related to the United States trade war with its major counterparts dominated financial boards in the last few days and will likely remain as the main market mover.

Gold sets new record-high as US yields push lower
Gold touches yet another all-time high, boosted by falling US T-bond yields. Fed Chair Jerome Powell’s testimony, January US inflation data, and political headlines could drive Gold’s action next week. The near-term technical outlook points to overbought conditions for XAU/USD.

Week ahead: Will US CPI be a positive distraction amid Trump’s dramas?
US consumer and producer prices to be main focal point. UK economic output data to be watched too. But Trump and tariff headlines might be a bigger market driver.

Top Trumps: The global economy’s House of Cards
The year has barely started and we are learning the hard way what Donald Trump’s second term in office means for markets, analysts and global policymakers. It's like living through an episode of the political thriller, House of Cards.

The Best Brokers of the Year
SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.